FXStreet reports that economists at Westpac are hoping that the current move higher extends above 109.50 post the BoJ announcement. MUFG Bank also expect the BoJ’s measures to support the USD/JPY pair.

“We hope and expect to see a meaningful injection of liquidity designed to target cash-strapped small businesses. Key will be the incentives to encourage banks to take up the liquidity.”

“We see an inevitable deterioration in US-China trade relations and disappointment about the speed of economic improvement as countries reopening as factors that will support the yen on a medium-term basis.”

“Sub 107.50/108 is not the level to be establishing shorts near-term. We remain frustrated sellers of strength and are hoping that the current move higher extends above 109.50 post the BoJ announcement.”