JPY Daily News

Fears of BOJ Intervention Temporarily Calmed

Following the bearish turn the JPY took to close out last week, concerns that the Bank of Japan would soon intervene to limit yen growth have subsided. Both the USD/JPY and EUR/JPY crosses saw gains after a better than forecasted US jobs report boosted risk taking. That being said, the dollar is still relatively close to its recent three-month low. Should the pair turn bearish once again, rumors of a BOJ intervention are likely to come about again.

Whether or not the dollar continues to gain against its Japanese counterpart will likely depend on US news scheduled for this week. Traders will want to pay particular attention to a speech from the Fed Chairman on Tuesday. Should he indicate that the US may increase interest rates ahead of schedule, the USD/JPY will likely extend its current trend.

Current Time: 05/27 01:08 GMT

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