This Thursday the Bank of Japan is scheduled to release its report on the economic outlook followed by a press conference.
Even though there will not be a decision on the interest policy this week, the volatility around the JPY is expected to arise from the expressed opinions of the central bank about the prospects of short-term economic growth. The current state of affairs is not promising, despite the recent rise in inflation.
Japan’s CPI index rose in March to 0.5% from the previous level of 0.2%, which is still a long way from the target. The chairman of the Bank of Japan Kuroda is going to have to outline his plans for expansionary policy and a way that the BOJ plans to boost consumer spending. Short-term traders and investors are going to be listening carefully for some hints about the future plans of the BOJ's interest rate policy and the prospects of a hike/cut in the near future, from the current level of -0.10%.
Meanwhile, here is a set-up on the EURJPY currency pair, which could be affected by the projected volatility spike from the statements of the BOJ. The currency pair is currently trading at the lower support level, represented by the ascending trend line.
Image source: Trendsharks ©, created with TradingView.com
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