05.11.201808:30 Forex Analysis & Reviews: Global macro overview for 05/11/2018

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The Governor of the Bank of Japan had his speech overnight. Kuroda said the market situation has improved somewhat since the last monetary policy adjustment that took place in July. The central bank is aware that a very loose policy affects the stability of the financial market. Commercial banks take on more risk than usual, which may be problems in the future.

As yet, the risk of financial destabilization is small, but the Bank of Japan monitors its development on an ongoing basis. Currently, the biggest risk factor is external factors, primarily economic protectionism of large economies. The tightening of monetary policy will start only after reaching the inflation target of 2.0%.

Let's now take a look at the USD/JPY technical [picture at the H4 time frame. The market is still trading below the technical resistance at the level of 113.28 - 113.38 zone, but the market conditions are still positive and indicate a possible move upward. The local support is seen at the level of 112.88 and 112.55, so as long as the price is trading above those levels the outlook remains bullish.

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