19.03.2020 USD/JPY Daily Analysis

19.03.2020 USD/JPY Daily Analysis

USD/JPY today is trading at 109.77, it went up with 1.70 from 108.06. This is mainly because the Bank of Japan (BOJ) offered to buy JPY 300bln  Japanese Government Bonds (JGB) in an unscheduled announcement today in an effort to pump in liquidity to stabilise the markets amid the coronavirus cases. USD/JPY has broken a strong resistance line and now showing good growth because yesterday Trump signed into law a coronavirus relief package that includes provision for free testing for coronavirus and paid emergency leave which affected the USD currency. Today we continue to wait again on what Trump has to say at the press conference and with his statements we are going to see the shift in the USD/JPY pair either negatively or positive depending with the outcome. More so today there is going to be the Philly Fed Manufacturing Index. This measures the level of diffusion on surveyed manufacturers in Philadelphia this is released monthly around the middle of the current month. If the actual id greater than forecast then it means it will be good for the US currency which has an effect on the pair.