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USD/JPY dives and revives as BOJ governor talks
The price action in the past few minutes has been pretty wild on the USD/JPY. As the BOJ governor started talking the dollar got smashed back, sliding to a low at 142.55. To be honest there was nothing in the comments from Ueda that I could see which warranted the more than 100 pip slide in a matter of seconds. The drop did see it briefly dip below its 200 day moving average (now at 142.62) , so it could have been a stop loss tripping exercise there, but I cannot confirm that here. Besides, the dollar has recovered all of that move now and lifted back above 143.60 a short while ago. I think we also have to remind ourselves where we are in the calendar and the lack of liquidity that can produce. The comments so from Ueda have been dovish and give little hint that a shift in BOJ monetary policy is coming any time soon. The USD/JPY is currently trading at 143.75
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