The Japanese Yen (JPY) is making back lost ground after the dramatic sell-off registered following the BoJ’s Halloween day meeting, in which it bled over 1% lower versus the US Dollar (USD).
Japanese Yen recovers some of the lost ground after dramatic post-BoJ sell-off. JPY makes back roughly 50% of the losses that incurred in the “Tokyo Chainsaw Massacre” that followed Tuesday’s BoJ meeting. USD/JPY returns and settles on prior highs prompted by investors’ dovish take of Fed Powell’s post-meeting presser. The runaway market backtracked on Wednesday and Thursday to fill the inefficiency gap created after Tuesday’s sheer drop – the largest recorded this year.
US Dollar vs Japanese Yen: 4-hour Chart The pair has pulled back to a confluence of support levels, including the 50% Fibonacci of Tuesday’s dramatic rise, the lower boundary of its ascending channel, and the key October 3 highs. This seems as good a place as any for the bulls to plant their flag and rally for a counter attack.
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