FXstreet.com (Córdoba) - The Dollar rallied against the Yen after GDP data and jumped 70 pips from 90.75 to 91.45, posting a fresh intra-day high. USD/JPY pulled back later and found support at 91.10. Currently it trades at 91.20/23, 0.60% above today's opening price.
Greenback was able to erase previous losses and after GDP extended gains. The pair is rising after two day with sharp losses.
Flemming J. Nielsen, from the Danske Bank A/S affirms: At the monetary meeting tomorrow the BoJ is set to release, for the first time, its inflation forecast for Fiscal 2011 and it should give us some idea of how long the BoJ expects inflation to remain in negative territory. In addition, there will be attention on BoJ's plans for its non-conventional easing measures. In our opinion, most of the non-conventional easing programmes, including the purchase of commercial paper, purchase of corporate bonds and special US dollar funds supplying operations will not be extended beyond 2009.