Hawkish BOJ Impact: USD/JPY tumbles as yen strengthens amid upcoming policy decisions
Friday, 8 March 2024, 09:44
Hawkish BOJ Rumors Impact on USD/JPY
It looks like we've broken through the first key technical hurdle for USD/JPY on the way down, as sellers are firmly pushing price below the 100-day moving average (red line) of 147.70 today. The hawkish murmurs surrounding the BOJ continue to grow, as it seems like policymakers are teeing up a move in two weeks' time.
Key Factors at Play
- The spring wage negotiations on March 13 will precede the BOJ meeting on 19 March.
- The yen's upward trend follows the BOJ's recent actions.
USD/JPY is now down to 147.10, facing potential support at 38.2 Fib retracement level and crucial levels at 146.00 and 146.15.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.