Forex Analysis

USD/JPY Analysis

USD started the morning on a slightly firmer footing after the

The Bank of Canada is the latest Central Bank to deliver a shock;

Roughly two weeks ago Bloomberg ran a story citing ECB sources suggesting staff at

The Bank of Canada announced a surprise 25bp cut to its key interest rate Wednesday

Euro yields sit just above record lows into the upcoming ECB meeting

While the Swiss continues to hold above recent consolidation low support

A slight revival of risk-off fear has prompted some safe haven flow back toward the yen.

The Dollar remains entrenched in an upward trend on its charts but

The down trend channel in the Canadian is well defined and seemingly entrenched.

While the Pound saw some support from reports of hawkish views from

The Nikkei extended losses to 0.8% and USDJPY dipped below 118 as BoJ refrained from cutting rates.

We expect US building permits and housing starts to surprise on the upside.