Forex Analysis by Investing.com (Barani Krishnan) covering: USD/JPY, US Dollar Index Futures, US dollar Futures, US Dollar Index. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Investing.com charts study suggest USD/JPY could run to between 151.96 and 153It wasn’t so much a magic number as the level that triggered Tokyo’s monetary authorities to stage a defense of the yen on Oct 3, when it breached that point. As such, expectations were set around there for Japanese monetary authorities to act and they didn’t.
Until that becomes a plausible scenario in itself, the BOJ is unlikely to significantly alter yield curve control – the policy of suppressing bond yields lower than where market forces would normally dictate – nor lift its key overnight policy rate from -0.1%. Japan’s chief currency official Masato Kanda has said that as a general principle, rate hikes and interventions are ways to respond to excessive currency moves.
Said SKCharting’s chief technical strategist Sunil Kumar Dixit, a long-term collaborator with Investing.com, explains the rationale:
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