USD/JPY supported at 111.61, BoJ seen unchanged – Danske Bank

Chief Strategist at Danske Bank Valtteri Ahti noted the BoJ meeting tomorrow should be uneventful.

Key Quotes

“The bullish trend in USD/JPY seen since March has lost momentum and is currently challenged by the fragile risk environment”.

“Key support is seen at the 100-day moving average line at 111.61. After the policy adjustment back in July, we believe there will be no rocking the boat near term and we do not expect the BoJ to announce any changes to its monetary policy tomorrow. Hence, the meeting is not likely to be a market mover for JPY this time around”.