BoJ meeting provides no particular support for USD/JPY: Citi

The analyst said: "As had been broadly anticipated the BoJ left its policy rate unchanged at 0.25% at today’s meeting. With the political environment uncertain, we expect no change at the October meeting as well, and our Japan Economist believes the next rate increase to 0.5% could happen at the December meeting or thereafter. Although upside for USDJPY has been harder to come by than we had anticipated, our base case scenario is that the pair will be firmer in Q4. In this process a return to the 350-day moving average (around ¥148/$ now) would be a milestone. However, as long as there is resistance at the 21-day moving average (around ¥143.3/$ now) we think it wise to keep the risk scenario in mind and remain wary of near-term downside risk."

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