No significant events expected today.

The USDJPY pair rose to 155.90 during the Asian session on Friday as the Japanese yen (JPY) faced renewed pressure. This came after the Bank of Japan (BoJ) maintained its bond purchase volumes from the previous operation, opting not to reduce debt purchases earlier this week as had been unexpectedly suggested.

Traders speculate that the Bank of Japan might reduce bond purchases at the June meeting. BoJ Governor Kazuo Ueda also noted that there are no plans to sell the central bank’s ETF holdings.

In an interview with Bloomberg, former chief economist of the Bank of Japan Toshitaka Sekine suggested that the Bank of Japan could raise the base interest rate three more times this year. Sekine mentioned that the next step might occur as soon as June, given significant room for adjustment from the current “excessively” accommodative settings.

According to Reuters, on Thursday, Atlanta Fed President Raphael Bostic at an event in Jacksonville spoke about the need for a patient approach to interest rates, noting that significant price pressures remain in the U.S. economy. Additionally, Cleveland Fed President Loretta Mester remarked that more time than expected might be needed to firmly establish the inflation trajectory and suggested that the Fed should maintain a restrictive stance for an extended period.

Recommendations: Consider buying if prices consolidate above 155.80, and take Sell positions on rebounds.