Japanese Yen Gains Ground After BoJ Decision: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Pulls Back As Traders Focus On BoJ Comments

USD/JPY is losing ground as traders react to the BoJ Interest Rate Decision. The central bank decided to leave the interest rate unchanged at 0.25%. BoJ has also highlighted inflation risks, providing support to the Japanese yen. Today, traders also focused on the Retail Sales report. The report showed that Retail Sales increased by 0.5% year-over-year, compared to analyst consensus of +2.3%. Industrial Production increased by 1.4% month-over-month in September, while analysts expected that it would grow by 1%.

In case USD/JPY manages to settle below the 50 MA at 152.25, it will move towards the nearest support level, which is located in the 149.50 – 150.00 range.

EUR/USD Is Moving Higher As Germany’s Retail Sales Beat Expectations

EUR/USD is mostly flat as traders focus on Germany’s Retail Sales report. The report showed that Retail Sales increased by 1.2% month-over-month in September, compared to analyst forecast of -0.5%.

In case EUR/USD settles above the 1.0850 level, it will head towards the resistance at 1.0900 – 1.0915.

AUD/USD Gains Ground Despite Weak Retail Sales Data

AUD/USD gains some ground as traders react to the Retail Sales report, which indicated that Retail Sales increased by 0.1% month-over-month in September.

A move above the 0.6580 level will open the way to the test of the resistance level at 0.6610 – 0.6620.

NZD/USD Attempts To Settle Back Above The Support At 0.5975 –  0.5985

NZD/USD attempts to rebound from recent lows as traders focus on the ANZ Business Confidence report. The report showed that Business Confidence improved from 60.9 in September to 65.7 in October, compared to analyst forecast of 55.

In case NZD/USD climbs above the 50 MA at 0.6002, it will move towards the next resistance level at 0.6050 – 0.6060.

For a look at all of today’s economic events, check out our economic calendar.