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## How AI legalese decoder Can Help with the Situation

AI legalese decoder can assist in simplifying and breaking down complex legal jargon related to the recent Bank of Japan (BoJ) policy decision and its impact on the Japanese Yen (JPY) and USD/JPY pair. By using AI technology, the decoder can provide a clear and easy-to-understand explanation of the key points mentioned in the content, such as the rate hike, scrapping of the Yield Curve Control policy, and the implications for the currency market. This tool can help individuals, including traders and investors, grasp the implications of these policy changes and make informed decisions based on the decoded information.

## Daily Digest Market Movers: Japanese Yen Tumbles Despite BoJ Rate Hike

The Japanese Yen weakened across the board after the Bank of Japan raised short-term interest rates by 10 basis points and hinted at reducing purchases of commercial paper and corporate bonds. Additionally, the BoJ decided to abandon the Yield Curve Control policy while indicating continued purchases of Japanese government bonds. The move follows wage increases by major Japanese companies and positive economic data. Japan’s Finance Minister highlighted the record-high wage growth and government policies to sustain this momentum. Furthermore, the US Dollar’s strength, driven by hotter-than-expected producer and consumer price data, influenced bearish sentiment towards the JPY. The Federal Reserve’s conservative rate cut expectations also supported the USD, lifting 10-year US government bond yields and USD/JPY prospects.

## Technical Analysis: USD/JPY Poised for Strong Rally

Technically, the USD/JPY pair appears poised to challenge the year-to-date (YTD) high and surpass the 151.00 level. A break above the 61.8% Fibonacci retracement level and psychological barrier of 150.00 could signal further upside momentum. Oscillators on the daily chart hint at bullish strength, suggesting a bullish bias for the pair. Resistance near the 151.00 level could trigger short-covering and extend the current uptrend. On the downside, support lies at 150.00, with resistance expected near 149.20. A break below 149.00 may shift sentiment to bearish, leading to a decline towards 148.30 and the 100-day Simple Moving Average at 147.65.

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