CADJPY may rise further despite BOJ speculation of a rate hike

CADJPY may rise further despite BOJ speculation of a rate hike


Reuters report - The Bank of Japan (BoJ) is arranging to end the negative interest rate policy at the March 18-19 meeting, Reuters reported on Thursday, citing Japanese news agency Jiji.

"The central bank will make a final decision after reviewing the preliminary survey result on this year's spring wage negotiation by labor organization Rengo due on Friday," Jiji further reported.

My personal opinion:
As we have seen in the past, the BOJ is not consistent in its comments. They have lied to market participants several times. Despite this news, I don't think the BOJ will take further action to change their situation.

This reluctance could push the CADJPY back to the top despite the news coming out and the BOJ meeting next week.

Despite everything above the big trade remains on the downside because the XXXJPY pairs are still in overbought conditions and CADJPY may lose the bullish steam easily.

You may find more details in the chart!
Thank you and Good Luck!

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