JPY Surges To 8-Week High

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On Thursday, the Japanese yen reached an eight-week high against the US dollar following a Bank of Japan (BOJ) policy board member’s support for continued interest rate hikes

Technicals

Japan-US rate diffs narrowing fast, especially at long end, 10s @316 bps. USD/JPY to area of 151.11-81 weekly Ichimoku cloud, weekly kijun 149.23. Ascending 100-WMA 147.99, all potential targets on decisive cloud break. Near-term downtrend remains intact

Hedge funds are actively buying the Japanese yen (JPY). Recent data shows a significant shift in focus from the US dollar to the yen

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#JapaneseYen #USDollar #BankOfJapan #InterestRates #ForexMarket
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