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Forex Today: USD/JPY Above ¥150

Forex Today: USD/JPY Above ¥150

Despite the threat of intervention from the Bank of Japan, the USD/JPY currency pair finally made a sustained bullish breakout above ¥150, reaching a new one-year high price.

➡️ The Japanese yen continued to weaken against a strong US dollar, sending the price of reference currency pair USD/JPY to a sustained bullish breakout above the big round number of ¥150, to a new 1-year high price. Japanese Finance Minister Suzuki warned yen sellers that he is "watching market movements with a sense of urgency." Despite this, the currency pair will be of interest to traders who follow trends on the long side.

➡️ The Bank of Canada decided yesterday to keep the overnight rate at 5%, weakening the Loonie slightly.

➡️ Stock markets are generally bearish, after the NASDAQ 100 index fell more than 2% on its worst trading day of 2023. Asian indices are also sharply lower, with the Nikkei 225 and HIS near one-year lows.

➡️ inflation increased more than expected, going from 5.2% to 5.6% instead of 5.3%. This has increased sentiment towards the expectation of further rate hikes, which has pushed the value of the Australian dollar higher today.

➡️ Bitcoin remains strong near $35,000 after hitting a new 5-month high a few days ago. This will be interesting on the Long side for trend traders. This increase has been attributed to BlackRock's listing of its Bitcoin ETF on the Depository Trust & Clearing Corporation database, sparking intense speculation that the first Bitcoin ETF could soon be approved for retail investors.

➡️ In the Forex market since the opening of Tokyo, the strongest major currency has been the US dollar, while the Australian dollar has been the weakest, focusing on the AUD/USD currency pair.

➡️ The prices of some soft commodities continued to rise significantly, along with futures of cocoa and sugar have reached or approached new long-term highs.

➡️ Following media reports suggesting that Israel's planned ground invasion of Gaza was repelled by American considerations, Israeli Prime Minister Netanyahu gave a televised address yesterday in which he promised that the operation will take place, reiterating his government's goal of completely destroying Hamas.

Credit by DailyForex.com

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