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On June 16th, the Bank of Japan held a policy meeting this month without its governor present, raising its benchmark interest rate to its highest level since 1995 and hinting at a further return to normal monetary policy. According to a statement released Tuesday, the Bank of Japan raised its benchmark interest rate by 25 basis points to 1%. At the same time, the bank stated it will maintain its monthly bond purchase program unchanged from April 2027. These decisions had been widely anticipated by economists and market participants. The vote on the interest rate decision was 7 to 1, with committee member Toichiro Asada voting against it.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 7.0 occurred near Sulawesi Island, Indonesia (0.99 degrees south latitude, 120.29 degrees east longitude) at 11:27 on June 16. The final result is subject to the official rapid report.Following the Bank of Japans expected interest rate hike, the TOPIX index recovered its losses and is currently flat.The benchmark 10-year Japanese government bond futures fell 0.15 points.June 16 – The Bank of Japan (BOJ) raised interest rates to their highest level in 31 years on Tuesday, a long-awaited move indicating its commitment to addressing inflation risks stemming from the Middle East conflict. At its two-day meeting, which concluded Tuesday, the BOJ voted 7-1 to raise its short-term policy rate from 0.75% to 1.0%. This is the first rate hike since December, bringing the BOJs policy rate to its highest level since 1995. BOJ Governor Kazuo Ueda, who was hospitalized for treatment, was absent from the meeting and did not participate in the vote. The afternoon press conference, chaired by another BOJ deputy governor, Shinichi Uchida, will be closely watched for his remarks on how the BOJ will continue to assess the negative economic impact of the war with Iran.

Price Analysis of the US Dollar Index: DXY Retreats from 104.00, Rising Wedge Anticipated

Alina Haynes

May 12, 2022 10:27

During Thursday's Asian session, the US Dollar Index (DXY) fails to continue the previous two days' upward momentum, trading on the defensive around 103.95.

 

In doing so, the dollar index remains near the 20-year high reached earlier in the week, but for the first time in three days, the daily decline is recorded.

 

In addition to highlighting a 12-day-old rising wedge bearish pattern surrounding the multi-day top, the DXY's most recent decline also reveals a multi-day top-adjacent rising wedge formation. The slow RSI also highlights the significance of the chart pattern.

 

However, a decisive breach below 102.90 is required to validate the potential decline to 101.30.

 

During the fall, the 100-SMA and monthly low between 102.65 and 102.35 will serve as intermediate stops.

 

Until the quote continues below the indicated wedge's resistance line, approximately 104.30 as of press time, a recovery appears elusive.

 

After that, a slow climb to the September 2002 high of 109.80 cannot be ruled out.

Four-hour DXY chart

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