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Apr 28 - 10:55 AM

JPY: BoJ Plays The Long Game; Fade USD/JPY Strength - MUFG

By eFXdata  —  Apr 28 - 09:30 AM

MUFG Research discusses its reaction to the BoJ policy decision and maintains a bearish bias on USD/JPY.

"The BoJ announced an unchanged monetary policy stance this morning and announced a policy assessment that could take up to a year and-a-half to complete. The yen has weakened as you would expect although some of this sell-off may also reflect the higher yields in the US and the strong 2% bounce in the S&P 500 in response to positive earnings news," MUFG notes.

"We remain unconvinced that this move higher in USD/JPY will be sustained and would be more inclined to fade the move," MUFG adds. 

MUFG Research/Market Commentary


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