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USDJPY Closes In On 147.00, Kuroda Repeats Easing Pledge

JPY
  • USDJPY maintenance of recent bullish tone saw the pair cross above the previous intervention zone during APAC trade, registering a fresh multi-decade high in the process.
  • The ongoing dollar recovery has seen USDJPY slowly grinding back to the pre-intervention levels as monetary policy divergence continues to be in focus, with fresh highs of 146.92 printing as of writing.
  • Comments earlier from BOJ Governor Kuroda repeated his pledge to continue with his easing policy because the Japanese economy is still recovering from the impact of the Covid-19 pandemic, and inflation is expected to moderate over the following year.
    • Speaking at an event hosted by the Institute of International Finance in Washington D.C., Mr. Kuroda said he expected inflation in Japan to fall below the bank's 2% target in the next fiscal year.
    • Additionally, Kuroda said that while some sectors of Japan’s economy are suffering from the impact of the weakening yen, overall the currency’s depreciation might have had a positive macroeconomic effect. (DJ)
  • Today’s technical breach confirms a resumption of the primary uptrend and marks an extension of the broader bullish price sequence of higher highs and higher lows.
    • Price has also extended past 146.52, a Fibonacci projection, setting the next target as 147.25, the 3.00 projection of the Aug 2 - 8 - 11 price swing. On the downside, firm trend support lies at 144.06, the 20-day EMA.
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