USD/JPY: Nearing the 107.30 support – OCBC

The USD/JPY pair continues to populate the region between 107.30 and 107.80 as the Japanese yen remains contained under the 108.00 resistance, Terence Wu, an FX strategist at OCBC Bank, briefs. 

See: BoJ maintains short-term interest rate target at -0.1%

Key quotes

“The BoJ launched a new lending programme to support small businesses, but refrained from changing its policy rate or pace of asset purchases. At best, we think this move is marginally stimulatory.” 

“Expect the 108.00 resistance to turn away any advances for now. Meanwhile, 107.20/30 should support.”