USDJPY remains unfazed around 118.75 on BOJ's status-quo forex JPY
The USD/JPY pair oscillated in a range through the first half of the European session and was last seen trading around the 118.70 region, nearly unchanged for the day.The pair struggled to find acceptance above the 119.00 mark and for now, seems to have stalled its recent strong bullish run-up to the highest level since February 2016. As investors digested the much-awaited FOMC policy decision, modest pullback in the US Treasury bond yields kept the US dollar bulls on the defensive.
As was widely expected, the Fed on Wednesday announced the start of the policy tightening cycle and hiked its target fund rate by 25 bps for the first time since 2018. The Fed also hinted to adopt a more aggressive policy to combat stubbornly high inflation. In fact, the so-called dot-plot indicated that the US central bank could raise rates at all the six remaining meetings in 2022. The decision, however, was in-line with expectations and failed to impress bulls.
The divergence in the BoJ-Fed policy outlooks, along with the optimism over the possibility of a diplomatic solution to end the war in Ukraine could undermine the safe-haven Japanese yen. This, in turn, favours bullish traders and supports prospects for an extension of the recent strong upward trajectory witnessed over the past two weeks or so.
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