Dear friends, let's explore today's currency market together!
At the start of the new trading week, the USD/JPY pair attracted some buying activity as it seemed to have halted its retreat from the 150.75-150.80 area, which was its highest level since October 2022, touched last week. However, lacking confidence in further gains, it is currently trading around the 149.70-149.75 range, up just under 0.10% for the day, as traders await important central bank meetings before placing new bets.
The Bank of Japan (BoJ) is expected to announce its decision on Tuesday amid increasing speculation about potential changes in its yield curve control (YCC) policy. However, the Japanese central bank is unlikely to escape negative interest rate policy. This marks a significant difference compared to other major central banks, including the Federal Reserve, along with positive risk sentiment, which is seen as weakening the safe-haven Japanese Yen (JPY) and turning out to be a favorable factor for the USD/JPY pair.
At the time of writing, the price is trading at 149.63 with an expected increase to 151.00. This upward trend will continue until there is any breakthrough outside of the price channel. What are your thoughts? Do you agree with me?
At the start of the new trading week, the USD/JPY pair attracted some buying activity as it seemed to have halted its retreat from the 150.75-150.80 area, which was its highest level since October 2022, touched last week. However, lacking confidence in further gains, it is currently trading around the 149.70-149.75 range, up just under 0.10% for the day, as traders await important central bank meetings before placing new bets.
The Bank of Japan (BoJ) is expected to announce its decision on Tuesday amid increasing speculation about potential changes in its yield curve control (YCC) policy. However, the Japanese central bank is unlikely to escape negative interest rate policy. This marks a significant difference compared to other major central banks, including the Federal Reserve, along with positive risk sentiment, which is seen as weakening the safe-haven Japanese Yen (JPY) and turning out to be a favorable factor for the USD/JPY pair.
At the time of writing, the price is trading at 149.63 with an expected increase to 151.00. This upward trend will continue until there is any breakthrough outside of the price channel. What are your thoughts? Do you agree with me?
Trade active
Trade closed: target reached
