[USDJPY] POTENTIAL HARMONIC STRUCTURE IN PLAY....

Happy new year everyone!
From the technical point of view, the pair might develop a harmonic structure with a target around 110.

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BoJ: At his final press conference of 2017, Haruhiko Kuroda, the Bank of Japan governor, gave little indication that he was preparing to unwind the vast stimulus plan aimed at shaking inflation from its slumber.But a growing number of bservers of Japan’s central bank, albeit still a minority, believe that 2018 will see what Masamichi Adachi, an economist in Tokyo at JPMorgan Chase, describes as a ‘stealth tapering’, in which the BoJ cuts its purchases of government bonds and tightens policy, albeit in minute increments.Any change from the BoJ would matter for markets given how aggressively officials have intervened, hoovering up sovereign bonds, exchange traded funds invested in equities and real estate investment trusts. On top of that, its policy of ‘yield curve control’, or keeping bond yields below a certain threshold, has weighed on the profits of banks.

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Harmonic structure completed!