usd-jpy
BOJ Talks USDJPY Down, But Lower Tokyo CPI Supports Uptrend
Skerdian Meta•Friday, October 25, 2024•1 min read
The BOJ governor Ueda made some threatening comments yesterday sending USDJPY 1.5 cents down, but the lower Tokyo CPI contradicts his point. USD/JPY surged more than 10 cents higher in October, which has the Bank of Japan worried and the Yen did surge all day yesterday, with USD/JPY falling around 180 pips lower, partly due to a retreat in the USD, but it’s not certain whether they will Ueda’s remarks will keep this forex pair down.
The USD/JPY surged by around 12 cents in October, rising above 153 as USD buying strengthened. Moving averages, particularly the 50 and 20 SMAs on the H4 chart, acted as strong support, signaling solid bullish momentum. In response, BOJ Governor Ueda made hawkish comments, exceeding inflation forecasts to help boost the yen.
USD/JPY Chart Daily – MAs Stand Ready to Provide Support
Japanese officials, including Finance Minister Kato, voiced concerns about the yen’s volatility. With Japanese elections approaching this weekend, the pullback in USD/JPY could also be driven by profit-taking on long positions ahead of the vote. Last night we also had the Tokyo Core CPI inflation report, which was expected to show a slowdown in October.
Tokyo Core CPI Report for October
USD/JPY Live Chart
USD/JPY
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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