Japanese Yen Faces 162 Resistance After Hawkish BoJ – Scotiabank
The Japanese Yen is only fractionally weaker against the US Dollar but outperforming G10 crosses as markets remain cautious over potential official intervention, according to Scotiabank strategists.
Scotiabank strategists Shaun Osborne and Eric Theoret note that the Japanese Yen is trading only slightly weaker versus the US Dollar, but is outperforming across G10 currency crosses. This reflects market caution over possible official intervention.
The key level to watch is 162 resistance for USD/JPY, following a hawkish tilt from the Bank of Japan. The strategists highlight that the market is pricing in a higher chance of BoJ action, which is limiting further yen weakness.
Traders are closely monitoring the 162 area as a potential pivot point, with any break above likely to trigger further intervention fears, while a rejection could see the yen strengthen.
Source: FXStreet Forex News