Japanese Yen coils up against USD, threatening breakout

The Japanese Yen (JPY) gives ground against the US Dollar (USD) on Monday, with the USD/JPY pair coiling up below the key 150 level and threatening to

Japanese Yen continues giving ground against the US Dollar, with USD/JPY coiling up below 150 and threatening to break higher. Dovish comments from BoJ’s governor Ueda propelled the last push higher for USD/JPY. Intervention from Japanese authorities possible as key price and yield levels now approaching or touched. breakout higher as the dominant uptrend extends. Comments from Bank of Japan governor Katsuo Ueda fueled the recent rise in the pair.

The Fed’s preferred measure of inflation will carry the most significance when it is published on Thursday, October 27, along with Michigan Consumer Confidence. US Durable Goods Orders and GDP, out on Friday, October 28, may also impact the USD. USD/JPY is in an overall uptrend, rising on long-term, intermediate, and short-term bases. It is expected to continue this trend higher, with the next major target at the 152.00 highs achieved in October 2022.

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