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USDJPY Closes Gap To Last Friday’s Close, Approaches 148.00

JPY
  • The Japanese Yen remains the underperformer on Friday, largely on the back of earlier reports that there may have been some confusion by markets in their interpretation of the weekend comments by Bank of Japan’s Ueda.
  • As a reminder, the BOJ Governor said it’s possible the central bank will have enough information and data by the year-end to judge if wages will continue to rise, a condition for adjusting stimulus, according to an interview with the Yomiuri newspaper.
  • However, according to people familiar with the matter, most of what Ueda said in the Yomiuri newspaper interview published Saturday was consistent with his routine remarks of late. Furthermore, they believe the overall comments indicate very little change in how the board will need to assess both upside and downside risks before adjusting the bank’s policy.
  • USDJPY has moved steadily higher throughout the European session, bridging the gap to last week’s close and printing as high as 147.95 in recent trade. Price action has confirmed the corrective nature of the sell-off and moving average studies continue to highlight the bullish trend sentiment.
  • Above here, the focus will be on 148.40 next, the Nov 4 2022 high and 148.85, the Oct 31 2022 high. This would all the while narrow the gap with 150.00, a level touted by some sell-side analysts as a potential tipping point for the MOF to intervene.
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