The belief was that USD/JPY might struggle for a period before being able to break above the psychologically important 110.00 level but that break happened with ease just prior to the start of London trading today, notes BTMU.
"What looks like the BOJ taking a leaf from the ECB’s policy book, the BOJ is reportedly considering linking the interest rate paid through its ‘Stimulating Bank Lending Facility’ to the interest paid on current accounts to effectively pay banks who borrow these funds. This is something the ECB announced in March with four new TLTRO programs that can, depending on how much a bank lends, lead to the ECB paying banks for taking funds," BTMU adds.
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"What is clear now though is that expectations of BOJ action next week is very elevated and any disappointment would fuel a renewed surge of the yen," BTMU argues.