The recent USD/JPY sell-off found short-term support after BoJ Deputy Governor Uchida downplayed another rate hike during volatile market conditions
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since Jul 03, 2024 when EUR/USD traded near 1.08.Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Bank of Japan Deputy Governor issued comments that contrasted Governor Ueda’s rather hawkish tone, bringing momentary calm to theindex.
The unrelenting USD/JPY sell-off appears to have found temporary relief after Deputy Governor Uchida’s dovish comments. The pair has plummeted over 12.5% in just over a month, led by two suspected bouts of FX intervention which followed lower US inflation data. The BoJ hike added to the bearish USD/JPY momentum, seeing the pair crash through the 200-day simple moving average with ease. The recent spike low is the nearest level of support, followed by 140.25, the December 2023 swing low. Resistance appears all the way back at 152.00 which corresponds with the peak in USD/JPY back in 2022 moments before Japanese officials intervened to strengthen the yen.
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