BoJ Minutes: Will ease further if needed, USD/JPY stalling in the sell-off

Developing story

The Bank of Japan published a study of economic movements in Japan after its actual meeting, coming in as follows:

BOJ APRIL MEETING MINUTES: BOARD MEMBERS AGREED NO CHANGE TO BOJ'S STANCE OF TAKING ADDITIONAL EASING STEPS WITHOUT HESITATION IF NEEDED

BOJ MINUTES: ONE MEMBER SAID RISING RAW MATERIAL COSTS WOULD HURT ECONOMY SO MUST KEEP POWERFUL MONETARY EASING

BOJ MINUTES: ONE MEMBER SAID JAPAN'S MONETARY POLICY CHALLENGE IS TO ADDRESS TOO-LOW INFLATION, UNLIKE IN WESTERN ECONOMIES

BOJ MINUTES: ONE MEMBER SAID INAPPROPRIATE TO CHANGE MONETARY POLICY STANCE AS RUSSIA'S INVASION OF UKRAINE ADDS DOWNSIDE RISKS TO JAPAN'S ECONOMY

BOJ MINUTES: ONE MEMBER SAID BOJ MUST REMAIN MINDFUL OF THE NEED TO MAKE ITS MONETARY FRAMEWORK SUSTAINABLE AS ULTRA-LOOSE POLICY LIKELY TO BE PROLONGED

BOJ MINUTES: SEVERAL MEMBERS SAID FOREX SHOULD MOVE IN STABLE MANNER REFLECTING FUNDAMENTALS
BOJ MINUTES: A FEW MEMBERS SAID RECENT SHORT-TERM EXCESSIVE FOREX VOLATILITY COULD MAKE IT HARD FOR FIRMS TO SET BUSINESS PLANS

BOJ MINUTES: SEVERAL MEMBERS SAID MUST COMMUNICATE TO MARKETS THAT BOJ CONDUCTS MONETARY POLICY TO ACHIEVE PRICE STABILITY, NOT AT CONTROLLING FOREX MOVES

USD/JPY update

As per the analysis from the New York session, the yen is firming as follows:

In the prior multi-timeframe analysis, USD/JPY Price Analysis: Bears are lurking and a significant correction could be on the cards, a topping formation was highlighted on the 5-min chart:

Live market:

The price is moving in the direction of the target, although the hourly chart's M-formation would be expected to see the price drawn in to test the neckline as illustrated below:

About the BoJ minutes

These meetings are held to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. Generally speaking, if the BoJ minutes show a hawkish outlook, that is seen as positive (or bullish) for the JPY, while a dovish outlook is seen as negative (or bearish).