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Forex Today: The threat of yen intervention by the Bank of Japan remains

Forex Today: The threat of yen intervention by the Bank of Japan remains

Especially the Japanese yen and the USD/JPY currency pair remain under the threat of volatility as markets await tomorrow's US CPI data and potential intervention from the Bank of Japan.

➡️ Markets remain focused on the Japanese yen, as Japan's finance minister makes vague comments following remarks from the Bank of Japan governor on a potential rate hike if inflation target is reached by the end of 2023, which caused the value of the Japanese yen to rise. the Japanese Yen quite strong. There could be more volatility in the yen as the danger of further intervention by the BoJ has not passed – furthermore, tomorrow will be the release of US CPI (inflation) data which could trigger volatility in the markets.

➡️ In the Forex market,  the USD/JPY currency pair  remains in focus, with its long-term bullish trend remaining intact as the price begins to gain again. Since Tokyo opened, the strongest major currency has been the Australian dollar, while the Japanese yen has been the weakest.

➡️ Crude oil  remains strong, with the price continuing to rise, very close to a bullish breakout towards new long-term highs. OPEC and the US Energy Information Administration will both release monthly market reports later today.

➡️ Bitcoin  threatens to collapse to new 2-month lows as the cryptocurrency sector remains weak, but has so far recovered in today's trading.

➡️ Data for change in UK claimant counts (unemployment claims) will be published today, expected to show a net increase of 90,000 new claims over the past month.

➡️ It will likely be a relatively quiet day on the market as crucial US inflation data is expected tomorrow.

 

Credit by DailyForex.com

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