Today Yen open at 103.97, made the high of 104.14 and low of 103.26.Yen gained against Greenback today by 66 pips as Investors had discounted changes in Fed Tapering program on 16th Jan. Yesterday, Yen gained against Greenback by approx. 95 pips on account of U.S Payroll fallen at 74K which previously was 241K. However, U.S unemployment rate read 6.7% which previously was 7%, which is near target level. Today there is Bank holiday in Japan.
According to Bloomberg, this month Yen rose 1.95% against Dollar, compared to 17 major counterparts which may support Mr. Abe plan to increase sales tax in April 2014. We have FOMC meeting on 28-29 Jan, in which they may discuss about Interest rate. Last month, BOJ increased easing by 60-70 trillion Yen and doubled monthly bond purchase in April to more than 7 trillion yen to end Deflation.
However, Marketer must watch BOJ press conference and Monetary meeting on 22nd Jan.