USD/JPY IS TESTING LONG-TERM HIGHS AT 154.78 WITH THE BOJ ON FOCUS...来自hagijeee

23 Apr 2024, 10:14 · 阅读量 142

The US Dollar maintains a bid tone and is testing 154.78 high.

The Yen remains weighed by interest rate differentials between the Fed and the BoJ.

Friday’s BoJ momentary policy statement might give a fresh impulse to the Yen.

Nothing stops the US Dollar. Neither the moderate risk appetite seen on Monday nor the reiterated intervention warnings by diverse economic authorities, the Yen remains pinned to long-term lows near 155.00.

The pair extended its recovery on Monday, following a spike lower last week, following news of the Israeli attack on Iran. Tehran downplayed the event, suggesting its will to avoid a direct confrontation with Tel Aviv, which the market has welcomed.

This has failed to give some oxygen to a battered Yen, which is struggling on carry trade dynamics. The widening yield differential between the Yen and most of the major currencies encourages speculators to borrow JPY and exchange for higher-yielding assets elsewhere.

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