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USD/JPY edges to a new 2024 high
The USD/JPY is pressing higher again right now. The dollar has just now hit a new 2024 and multi-year high at 153.38. Of course the USD/JPY is playing chicken with the Bank of Japan right now and that is something not to be dismissed. At the same time, the reasons for the USD/JPY being up here remain as they were noted here before- its is trading at multi-year highs because the fundamentals support the move. The fall to fresh 2024 lows right now in the EUR/USD (current low at 1.0678) is underpinning further gains in the dollar versus the Yen. At the same time, the BOJ will not be liking this, but the pace and price action is not unstable and as long as that remains the case, they might have a hard time justifying any intervention. We shall see on that. The USD/JPY is currently trading at 153.35
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