$USDJPY - Dollar Rallies Against the Yen
is paying attention to the Bank of Japan's yield curve control, which may require the central bank to buy an unlimited amount of 10-year Japanese Government Bonds to keep yields below 50 basis points.AdvertisementThe 200-Day EMA and 50-Day EMA indicators are both located below the market, and there is a strong possibility that theagain. If the market can stay above these two moving averages, it is highly likely that we will continue to see upward pressure.
Despite this, the market seems to have a "buy on the dips" mentality, which suggests that buyers are ready to enter the market and support it on anyTraders should keep a close eye on the Bank of Japan's actions and any significant news events that could impact the market. Additionally, they should pay attention to the 200-Day EMA and 50-Day EMA indicators, as well as resistance levels at ¥135 and ¥137.50.
As yields dropped, that has typically been very helpful for the Japanese yen as it relieves quite a bit of pressure.
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