Global macro overview for 22/04/2016
April 22, 2016 8:20 amVideo
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Global macro overview for 22/04/2016:
The BoJ extended 24.4 trillion yen ($223 billion) of credit under the Stimulating Bank Lending Facility on April 10. Earlier this year, it had introduced the negative interest rate. Moreover, some of the BoJ officials said that the BoJ might have to help the financial institutions even father by offering a negative rate on some loans. Moreover, this decision could be made together with another deeper cut to the current negative rate on reserves. The most possible vehicle for that option would be the BoJ’s Stimulating Bank Lending Facility. In conclusion, another BoJ intervention in the financial markets is expected soon, maybe at the next BoJ meeting on April 27-28.
Let’s now take a look at the USD/JPY technical picture in the weekly time frame. The bulls have managed to rally higher but were capped so far by the technical resistance at the level of 110.62. If bulls want to take the control over the market, they need to break out above the level of 111.50. Otherwise bears will reverse the current price action and try to push lower towards the next support at the level of 105.15.
The material has been provided by InstaForex Company – www.instaforex.com
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