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While some have felt the US Dollar was oversold, and the JPY overbought, few traders likely expected that USD/JPY would be higher by ~250 pips on the session to close the week. Many know that on January 29, the Bank of Japan announced negative interest rates on excess reserves. However, overnight, we found out that the BoJ is considering offering banks loans with a negative rate, which is something similarly offered by the ECB to banks via the Targeted Longer-Term Refinancing Operation or TLTRO-II. So far, we’ve broken above key zones of resistance starts that was at last week’s high, 109.73, up to the March 17 low, 110.65. This ... READ MORE
