The next big fundamental item for the Japanese Yen is expected in about a month with the bank’s policy review. This could have sway over whether the bank takes a more-hawkish turn into 2025 but, at this point, Yen-weakness has held fairly well in a variety of venues.
USD/JPY continues to track DXY themes well and given this morning’s rush of USD-strength, USD/JPY has similarly bounced from yesterday’s low. That low printed at the 61.8% Fibonacci retracement of the July-September sell-off and this comes a few trading days after the 76.4% retracement of that same move helped to set the high.
I looked at a big support level in GBP/JPY in yesterday’s webinar and that’s since led to a strong move, with the range from yesterday’s low up to today’s high spanning more than 400 pips. And shorter-term, there’s a case for bullish price structure.
For Yen-strength, however, EUR/JPY could be more enticing as the pair has set recent lower-lows and lower-highs, with price testing a big area around 163.90 today.
The Tuesday webinar:
James on X @JStanleyFX:
James Stanley’s video playlist:
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