Japan reported its inflation numbers, and they were disappointing. The numbers are still skewed by the sales tax hike that sent the country into recession in April 2014, but if you exclude them, it is impossible to say that the Bank of Japan is nearing its 2% inflation goal.

With USD/JPY basically stuck in a range around 119 to 120, will action from the BOJ in April send the pair to its next leg higher?

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