USDJPY Unfazed After BOJ Ueda Remarks

Over the past month, there has been a lot of activity in the USD to Yen exchange rate. Notwithstanding this volatility, the JPY is still in an overall bullish trend, helped by signs of a slowing Japanese economy, such as those we have seen this week, or by today’s decline in CPI inflation.

Bank of Japan Governor Kazuo Ueda

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USD/JPY tumbled around 1 cent lower to 153.60 by the middle of this month, after the intervention by the Japanese authorities. But, sellers couldn’t keep the price down there for too long and the reversal came soon after. Since then buyers have been in control and last Friday the price climbed above 157, which opens he door for 160.

USD/JPY Chart H1 – The 50 SMA Continues to Support BuyersChart USDJPY, H1, 2024.05.26 21:30 UTC, MetaQuotes Ltd., MetaTrader 5, Demo

Bank of Japan Governor Ueda Remarks

 

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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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