YEN SUMMARY Dollar yen closed in NY Monday at Y98.82 after rate had corrected back from a high of Y99.28 (the high driven by S&P upgrading the US credit outlook), the rate touching a pullback low of Y98.51 before edging higher into the close.
This recovery extended to Y99.06 into Asian trade before getting squeezed back to Y98.58 at the Tokyo open before edging back to Y98.99 ahead of the BOJ policy announcement. A Nikkei article suggesting board members had floated the idea of extending low interest loan program for two years, or longer, had market expecting confirmation.
However, the announcement left monetary policy unchanged, upgrading its economic assessment as expected but the Bank refrained from extending loan duration which disappointed the markets. The dollar – yen dropped to Y97.79, recovering to test broken support at Y98.50 before settling around Y98.20 into Europe. Nikkei action was again seen providing the lead in dollar-yen direction.
Markets now await Kuroda comments at 0630GMT. Dollar-yen demand remains in place at Y97.80/70 with stops below. Resistance Y98.50, Y99.00/10 with stronger sell interest seen into Y99.40 (Y99.28 Monday Jun10 high, Y99.36 50% Y103.74-94.97).
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