USDJPY back above 150.00
The USDJPY tried to move down after reaching a peak of 150.079 in the early London session. The price moved lower in the NY session and traded to a new low of 149.545, as yields came off highs and stocks moved higher.
However, Fed’s Harker ruined that idea saying that he sees inflation at 4% next year and 2.5% in 2024. Those levels are still above the 2% target. Not a good comment.
So the USDJPY moved back to the upside and is trading back above the 150.00 level.
The pair still remains below the 150.079 high but the point, the buyers are not giving up as the fundamentals between the BOJ (yield curve controls) and the Fed (pedal to the metal until inflation is dead), remains in favor of the USDJPY – despite threats of intervention from the Bank of Japan.