EURJPY: Yen strengthens ahead of Bank of Japan meeting; The mark

Currency stability is a hot topic in financial markets today as investors prepare for meetings of major central banks in Japan and Europe. The Japanese yen registered a notable gain, trading at 147.74 yen against the dollar, as markets awaited the Bank of Japan's upcoming monetary policy meeting. The bank is expected to maintain negative interest rates, a stance that has gained further support following Japan's recent earthquake.
The dollar index of the US dollar against a basket of major currencies was little changed at 103.24. Meanwhile, the euro fell slightly to trade at $1.0888, while the pound rose slightly to $1.27095. Investors are also adjusting their expectations for the U.S. Federal Reserve's next interest rate move. The interest rate cut was originally expected to occur in early March, but the forecast was pushed back to May due to strong U.S. economic indicators. This suggests that the Fed may take a more cautious approach to monetary policy changes, despite previous expectations for rate cuts.
All eyes are also on the European Central Bank (ECB), which will discuss its own monetary policy on Thursday. Given the impact on global supply chains, particularly those that affect trade routes through the Red Sea, the ECB may have to balance the need to support economic growth with the pressures of external trade challenges. The turmoil has led to a reassessment of the timing of potential interest rate cuts by the ECB as it considers the impact of these issues on the broader economic situation.

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EURJPY BUY 161.20-161.30

TP1: 161.70
TP2: 162.00

SL: 160.80