Global macro overview for 01/10/2015:
In the overnight comment Japanese lawmaker Jamamoto suggested that Bank of Japan should ease monetary policy in its next meeting in October 2015, but this kind of actions might be currently difficult. Today's Bank of Japan officials commented on the whole situation, claiming that they see little need for an immediate expansion of monetary stimulus and would prefer to hold off to get a clearer picture of the economic outlook. It looks like the BoJ board members will get together on October's policy meeting to wait and observe the economic developments both at home and abroad.
From the technical point of view, the USD/JPY pair has been trading inside the triangle formation from the end of the August 2015 and it might finally start to breakout to the downside again. Immediate support is seen at the level of 119. 23, followed by the next levels at 119.06 and 188.60.
