Day 360: BOJ no hike

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The bank of Japan decided not to raise rates as well. Without the knowledge of the Brexit outcome, it would be a wise decision to avoid any major changes until further notice. The USD/JPY suffered a heavy loss when the BoJ decided to stay unchanged. It reached around the low 103’s but bounced back when they stated that they will take action if Yen appreciates higher. We’ll be hearing from the BoJ again in July and I think there might be a good chance we can see an intervention.

I lost a bit of pips longing the USD/JPY before the bank of Japan statement. I anticipated in a USD/JPY long but was too early on the move. Regardless of my losses, I placed another long USD/JPY hoping we can see some retracement and I also shorted GBP/USD as it had a major reversal mid NY. Like I stated yesterday, I have huge hopes for long USD/JPY in the near future.

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