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USD/JPY hit a major air pocket and tanked to a 5-week low, aided by reports the Bank of Japan (BoJ) is warming to the idea of raising interest rates and considering a new quantitative monetary policy framework. Jiji news agency reported the BoJ is considering a framework that will show the outlook for upcoming government bond buying amounts.


Separately, a growing number of BoJ policymakers could support ending negative interest rates this month on expectations that this year's annual wage negotiations will yield strong results. This plus the disappointing non-farm payrolls report last Friday possibly ended USD/JPY’s attempt to rally to close 0.68% lower at 147.05 last Friday for its lowest since February 2.
Going forward, it is possible we may see further losses in USD/JPY as more traders unwind their accumulated long positions.


As such, near-term rebounds may presents selling opportunities.




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