The USD/JPY soared late in the North American session, up by more than 1.50% or 240 plus pips, after a Bank of Japan official stated that they would not raise rates in an unstable market environment.
USD/JPY surges 240+ pips, trading at 146.86, fueled by BoJ comments. Breaking 148.00 may target Tenkan-Sen at 148.45, then 149.00. Failure to hold 146.37 could lead to pullback to 146.00 and 145.00. Therefore, the pair rallied from daily lows of 144.28 and traded at 146.86 at the time of writing. USD/JPY Price Forecast: Technical outlook Although Tuesday’s rebound was short-lived, comments by BoJ officials spurred a U-turn on the USD/JPY, which posted a close below 144.
How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners.
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