USD/JPY heavy after BoJ fails to deliver

  • The Bank of Japan decided to keep rates and the size of their QE programme unchanged
  • While this was expected, the market is nevertheless disappointed with the reluctance of the BoJ to ease policy further, given the weak economic conditions
  • USD/JPY is now down over 2 % on the day and further losses seem likely in the near-term
  • Initial support can be expected at 103.09 (July 2014 high), but the next major level to watch is 100.80 (Summer 2014 low)

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