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USD/JPY lifts above 156 as BOJ governor denies rush to shift monetary policy
The Yen has weakened further now this morning. As noted in the previous update it was seemingly waiting for the BOJ governor, Ueda to delivery his post policy decision before making another move. Well, Ueda has now done that and his comments suggest the BOJ is still on hold for the time being. The markets are now pricing the odds of a January rate hike at just 50%. This has sent the USD/JPY jumping above the 156 handle. The further gains in the dollar are now taking it closer to where it last topped out, at 156.75, back on November 15. That is definitely the next level on the radar. Beyond that level we are talking about a potential move towards 160 again. The reader is reminded of the current 2024 high in the USD/JPY which was set on July 3, at 161.95. The USD/JPY is currently trading at 156.32
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