The Japanese Yen (JPY) drifted lower against its American counterpart during the Asian session on Monday after the Bank of Japan (BoJ) Summary of Opinions from the October meeting showed that policymakers were divided on rate hike timing.
The Japanese Yen weakened after the BoJ summary showed that policymakers were divided on rate hike timing. Japan's Prime Minister Ishiba faces a leadership vote, which adds another layer of uncertainty and weighs on the JPY. The Trump optimism continues to underpin the USD and further contributes to the USD/JPY pair’s move up.
Apart from this, speeches by influential FOMC members, including Fed Chair Jerome Powell on Friday, will play a key role in influencing the USD price dynamics and determining the next leg of a directional move for the currency pair. Technical Outlook: USD/JPY seems poised to appreciate further while above the 200-day SMA The USD/JPY pair, so far, has managed to hold above the very important 200-day Simple Moving Average resistance breakpoint, which should act as a key pivotal point.
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