Yen Advances On Rising Risk Aversion; BoJ Growth, Inflation Forecasts Downgrade

Date : 04/25/2019 @ 5:00AM
Source : RTTF2
Stock : Swiss Franc vs Japanese Yen (CHFJPY)
Quote : 109.54786  -0.09164 (-0.08%) @ 11:21AM
CHF vs Yen share price Chart

Yen Advances On Rising Risk Aversion; BoJ Growth, Inflation Forecasts Downgrade

Forex Chart

6 Months : From Apr 2019 to Oct 2019

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The Japanese yen was higher against its major counterparts in the Asian session on Thursday, as worries about global economic growth lifted the appeal of safe-haven assets. The currency was also supported by the Bank of Japan's decision to maintain interest rates very low at least through Spring 2020 and the downgrade of the inflation and GDP forecasts.

Investor sentiment dampened as a drop in German business confidence in April and contraction in the South Korean economy in the first quarter renewed fears over slowing global growth.

The Bank of Japan kept its monetary policy unchanged, leaving the interest rate at -0.1 percent and the yield of 10-year JGBs at around zero percent.

The BoJ said that it will keep its current extremely low interest rates for an extended period of time, at least through spring 2020, reflecting uncertainties about economy and prices as well as the impact of the scheduled consumption tax hike.

The bank would continue buying government bonds so that its holdings increase at an annual pace of around 80 trillion yen.

U.S. earnings remains in focus after Facebook, Microsoft, Tesla, and Visa released a set of mixed earnings after the market close Wednesday.

The yen advanced to 111.74 against the greenback, from a low of 112.24 hit at 8:30 pm ET. Next key resistance for the yen is likely seen around the 110.00 level.

The yen spiked up to 124.71 against the euro, a level unseen since April 3. The yen is poised to find resistance around the 122.00 level.

The yen that closed yesterday's deals at 144.73 against the pound strengthened to near a 4-week high of 144.31. The yen is likely to challenge resistance around the 142.5 level, if it rises further.

The Japanese currency appreciated to 109.56 against the franc, following a 2-day decline to 110.02 at 7:00 pm ET. The yen is seen finding resistance around the 107.00 level.

The yen edged up to 82.82 against the loonie and a session's high of 73.66 against the kiwi, from its early lows of 83.17 and 74.00, respectively. On the upside, 80.5 and 72.00 are likely seen as the next resistance levels for the yen against the loonie and the kiwi, respectively.

Reversing from a low of 78.71 touched at 8:45 pm ET, the yen appreciated to near a 4-week high of 78.37 against the aussie. The next possible resistance for the yen is seen around the 77.00 area.

Looking ahead, U.S. weekly jobless claims for the week ended April 20 and durable goods orders for March are scheduled for release in the New York session.

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