Japanese Yen: Weak as markets price BoJ hike against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret observe USD/JPY trading higher as the Japanese Yen underperforms G10 peers ahead of trade, Consumer Price Index (CPI) and the Bank of Japan (BoJ) decision. A BoJ hike is fully priced, with risks focused on guidance for future moves.
Scotiabank strategists Shaun Osborne and Eric Theoret report that USD/JPY is trading higher as the Japanese Yen lags behind other G10 currencies. The pair is facing pressure ahead of trade data, Consumer Price Index (CPI) release, and the Bank of Japan (BoJ) decision. Analysts believe a BoJ hike is fully priced into the market, with focus now on guidance for future moves.
They note key support levels at 153 and 152, with 155 marking an important resistance level. The market's near-term focus remains on the broader theme of Fed policy, alongside domestic developments such as the upcoming trade data and CPI report, as well as the BoJ policy decision scheduled for the end of the week.
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