USDJPY – Down
USDJPY trading plan:
Japanese Finance Minister Shunichi Suzuki warned traders against selling the yen again, saying authorities were closely watching moves. He made no direct comment about the potential for intervention. A recent surge in global interest rates is heightening pressure on the Bank of Japan to change its bond yield control next week. Japan’s low yields have made the currency an easy target for short-sellers and funding trades, with the widening gap in interest rates between Japan and the United States leading to persistent weakness in the yen. Any FX market intervention by Japanese authorities would depend not just on the trading level of the yen but also its volatility. The BoJ is set to hold their monetary meeting from Oct. 30-31.
Investment idea: sell 151.00 and take profit 150.00.
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