Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair trades lifeless around the 23.6% retracement of the latest daily slump between 121.68 and 110.97, but with the bears still on the drivers’seat.
Key Quotes:
“Early Monday, BOJ’s Governor Kuroda said that the Central Bank will asset the effects of negative interest rates, suggesting no additional measures are currently planned, whilst maintaining his optimistic outlook for the country’s economic outlook. The news helped the Yen rallying during Asian trading hours, but there was no follow through after Wall Street’s opening, amid surging stocks and commodity prices.”
(Market News Provided by FXstreet)