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USD/JPY rebounds off the lows following further BOJ comments
As noted here earlier this morning, the downside extension in the USD/JPY delivered a new 2024 low at 140.71. The USD/JPY had much earlier set a session high at 142.47 after closing in the US last night at 142.44. The fall below the noted support at 141.70 was as the driver behind the fall to 140.71 and that was delivered by earlier hawkish BOJ comments. However, more recently a further comments (from BOJ board member Nakagawa) has helped the dollar to rebound and recover some of the earlier losses. Nakagawa said there is no time line for the next BOJ rate increase and that has helped to push the USD/JPY back above 141.30 just now. As to whether it can rebound back above 141.70 remains to be seen, but it is worth noting here; there is a European price gap to that level. The USD/JPY is currently trading at 141.31
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