USD/JPY: Losing bullish momentum

The USD/JPY pair is comfortably trading above 111.00, holding near its monthly high of 111.70. The market’s sentiment remains upbeat amid positive news coming from the US, Valeria Bednarik from FXStreet reports.

Key quotes

“Not only the US Federal Reserve slashed rates but also announced unlimited QE. Also, US Senators have reached a deal on a $2 trillion stimulus package after over a week of back and forth.”

“The Bank of Japan published the Summary of Opinions, focused on the need for strengthening monetary stimulus amid the ongoing coronavirus crisis.” 

“The US will later publish February Durable Goods Orders, foreseen down by 0.8% in the month. The figures are pre-crisis, which means they will likely have a limited effect on currencies.”