The Bank of Japan is expected to leave interest rates untouched at the next two policy meetings despite and future policy needs to be ‘conducted carefully’ according to the BoJ
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....The ‘likelihood of achieving the inflation target has increased further’ and further upward pressure is expected, according to the latest Bank of Japan Summary of Opinions.
However, on Tuesday, Bank of Japan Deputy Governor Shinichi Uchida walked back some of the more hawkish comments made by Governor Ueda, helping to stabilize the market.USD/JPY outlook remains uncertain, as the interplay between the Bank of Japan's policy path and growing expectations of a 50-basis point cut by the Federal Reserve continue to exert influence on the exchange rate.
Retail trader data shows 48.62% of traders are net-long with the ratio of traders short to long at 1.06 to 1.The number of traders net-long is 6.90% higher than yesterday and 9.45% lower from last week, while the number of traders net-short is 6.20% higher than yesterday and 13.17% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
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