The Yen Grinds Higher on BOJ Day
The USD/JPY has been a solid performer over the last few sessions, continuing to push higher, which is in sharp contrast to the DXY which has been falling.
Given that there is a fair bit of strength here in the fact of USD weakness, tells me that we might have a nice trae to the upside, when the USD turns around. Often that can be the case as it’s a sign of underlying strength. Or perhaps in this case JPY weakness.
We have the BOJ out today and there is likely to be no real changes ahead. Which is fine as we don’t usually get too much action from them.
What is of more interest is how the USD reacts in the next month or so. While the tax reform has found its way through, volumes are still light. We might even have to wait until the new year to get some more traction.
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