Global Macro Overview for 07/04/2016 (USD/JPY)
Bank of Japan Governor Haruhiko Kuroda reiterated the central bank's readiness to take additional monetary easing steps if needed to reach its 2% inflation goal. His comments come more than two months after the central bank adopted a negative interest rate strategy. Kuroda said that the BoJ would take additional easing steps in the form of quantity, quality of asset buying, or interest rates if needed. In conclusion, the same rhetoric might suggest the BoJ intervention in the financial markets again as the 2% inflation target is far from reach right now.
Let's now take a look at the technical picture of USD/JPY in the daily time frame. We can clearly see the downside break out from the triangle formation, just as anticipated. Bears have broken below the important support at the level of 110.08 and the next support is seen at the level of 105.15. Bears are full in control over this market.
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