USD/JPY begins the week in dead center neutral and ranges from 150.58 to 148.54. JPY cross pairs however trade deeply oversold. GBP/JPY for example tr
ades this week from 180.79 to 183.31. GBP/JPY from the weekly open at 181.26 sits 47 pips above most vital 180.79. CHF/JPY also begins the week oversold while CAD/JPY must break above 107.89 to travel higher. For the BOJ, YCC remains inside the 0.50 to 1.5 band. YCC possibly changes by compressing ranges only if Inflation falls below the 2% target. Current Inflation at 3% is forecast by the BOJ at 2.5% and 1.7% for Fiscal 2024.
The BOJ balance sheet expanded. Intervention was a success as Export and Import lines dropped every month until Exports traded above Imports in April 2023. Current trade is not imbalanced and no need for intervention however Imports and Exports share a tight relationsip. The question to data dependency truly exists to determine the next direction to Imports and Exports. USD/JPY at 149.00's is acceptable and under no threat to intervention.
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