USDJPY: Can Price Go Any Higher?

USDJPY is making headlines today as the price touches the 155.00 handle for the first time in 34 years. What’s next? Read more about it in our latest blog post! #forex #trading #USDJPY #BoJMeeting

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USDJPY: Can Price Go Any Higher?

Today, USDJPY is making waves in the financial headlines as the price touches the 155.00 handle for the first time in 34 years. Traders and investors are pondering whether this surge has reached its peak or if there’s more to come.

BoJ Meeting on the Horizon

Friday will be a critical day for USDJPY as the Bank of Japan (BoJ) is forecast to hold rates at 0.10%. However, the market will be on edge, eagerly awaiting the statement to see if the Japanese Central Bank will consider hiking rates or intervening if the JPY weakens further.

Calls for Intervention

Japanese officials have been vocal about the need for intervention in the JPY, but the BoJ has been notably reluctant to comment. The key swing highs of 160.00 could be the tipping point for intervention, as this was the high of 1990, a period where the price fell to 83.00 over four years.

Swing Trading Opportunities

For swing traders, keeping an eye on H4 lows around 154.25 could provide short-term long opportunities. These levels might indicate potential support for the currency pair.

The excitement surrounding the USDJPY and its potential future movements remains palpable. As traders watch closely, Friday’s BoJ meeting will likely offer significant insight into the next phase of this intriguing journey.

USDJPY

The price on the chart has traded through multiple technical levels and some observations included:

• The USDJPY price breached the 155.00 handle for a moment today as JPY weakness continues to capture the headlines. 
• 160.00 is the high that formed in 1990, that could be targets for traders long. 
• The H4 time frame shows key support around the lows of 154.25, and a rebound here could invite buying opportunities.

Have you watched our latest video update? You can see it here. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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