USD/JPY: Expect plenty of volatility today

Order boards will be heavily reduced and with the BOJ statement only a few hours away, we can expect plenty of volatility this afternoon.

I’ve added to my USD/JPY short from yesterday; if we break back above yesterday’s 93.70 high then I’ll exit the position but I’m hoping for some more last-minute Yen buying this morning which might see a 92.50 test.

I’m reading conflicting bank reports on what the BOJ will do; some saying that Kuroda will be aggressive straight away whilst others this that it may take some months for him to get into his stride. Whatever happens it should be interesting.

Keep positions manageable today and if unsure, take the day off and come back later.