USD/JPY Gains Ground: BOJ's Adachi Comments Spark Reversal
The USD/JPY pair reached a more than two-month high against the US Dollar on Wednesday, propelled by comments from Bank of Japan (BOJ) board member Adachi. He stated that the economy has not yet reached a point where the central bank can discuss an exit from its ultra-easy monetary policy. This, combined with a modest USD rebound from its lowest level since August 11, contributed to the USD/JPY pair recovering around 50-60 pips from the 147.00 area. Observing an AB=CD pattern, the price initiated a reversal between the 1.13 and 1.272% area, suggesting a potential retracement. Our outlook leans toward a retracement of the USD against the JPY pair.
Our preference
Long positions above 146.00 with targets at 148.50 & 149.50 in extension.
The USD/JPY pair reached a more than two-month high against the US Dollar on Wednesday, propelled by comments from Bank of Japan (BOJ) board member Adachi. He stated that the economy has not yet reached a point where the central bank can discuss an exit from its ultra-easy monetary policy. This, combined with a modest USD rebound from its lowest level since August 11, contributed to the USD/JPY pair recovering around 50-60 pips from the 147.00 area. Observing an AB=CD pattern, the price initiated a reversal between the 1.13 and 1.272% area, suggesting a potential retracement. Our outlook leans toward a retracement of the USD against the JPY pair.
Our preference
Long positions above 146.00 with targets at 148.50 & 149.50 in extension.
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