Global macro overview for 30/10/2015:
The Bank of Japan has postponded reaching the inflation target level of 2% and declined to step up its monetary stimulus. In the latest report, the BoJ blamed the decreasing oil prices for reduced customer price forecast for the next two years. Moreover, the BoJ doesn’t see a possibility to reach the inflation target of 2% by March 2016 as the deadline was postponed to March 2017. On Friday’s press conference, BoJ Governor Haruhiko Kuroda announced that BoJ will continue to ease its policy until the 2% target is achieved and it might even expand easing if necessary.
The USD/JPY pair is still trading inside of the congestion zone between the levels of 118.03 and 121.74. The next support is seen at the level of 120.02 and next resistance is seen at the level of 121.48.
The material has been provided by InstaForex Company – www.instaforex.com