The USD/JPY consolidates to a minimum. The ING economists expect the pair to end the quarter around the 128 zone.
A lot of attention to the BoJ
“The 10-year JGB yields continue to press the top of the new +/- 0.50% band, with growing expectations that the band will widen to +/- 1.00% in the coming months Despite the BoJ markets these adjustments as a measure to address the performance of the JGB market, investors interpret it as central bank tightening, and positive for the yen.”
“The focus on the departure of the ultra-moderate BoJ governor in April makes investors very wary of selling the yen in the coming periods.”
“The USD/JPY one-month forward volatility remains at an incredible 16.5%, which makes the yen too volatile for any type of funding currency, and we think USD/JPY may end the quarter somewhere near 128.”
Source: Fx Street

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