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The Japanese yen is falling further on BOJ governor Ueda’s press conference, with USD/JPY climbing from 153.10 to a high of 153.50. On the daily chart, there is some resistance around 153.23-27 from the highs two weeks ago. But if buyers can hold a firm break/close above that, it tees up an upside breakout for the pair in the second half of this week.The BOJ announced no change to policy earlier today, with board members Takata and Tamura once again dissenting. But as new prime minister Takaichi slowly exerts her influence, is the timing window for the BOJ slowly closing?Amid her policy intentions, the kind of fiscal “firepower” that she may unleash reduces the pressure for the BOJ to tighten policy in the short-term. Thus, the central bank has less incentive and urgency to act for the time being.And Ueda’s lame excuse of continuing to allude to US tariffs putting them off will only serve to reaffirm the plot of not crossing the government.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
The yen’s decline is accelerating, and here’s why that matters: BOJ Governor Ueda’s comments are pushing USD/JPY higher, breaking through key resistance levels. With USD/JPY moving from 153.10 to a high of 153.50, traders should watch the 153.23-27 resistance zone closely. A solid close above this level could signal a bullish continuation, potentially targeting the next psychological level around 154.00. This shift not only reflects the BOJ’s dovish stance but also highlights broader market sentiment favoring the dollar amid ongoing economic uncertainties. If the yen continues to weaken, it could trigger further selling pressure on related assets like Japanese equities, which often react negatively to a weaker currency. On the flip side, if the pair fails to maintain momentum above 153.27, we might see a pullback, offering a potential short opportunity. Keep an eye on upcoming economic data releases from Japan that could influence the BOJ’s outlook and impact the yen’s trajectory.
📮 Takeaway
Watch for a close above 153.27 in USD/JPY; it could lead to a bullish breakout targeting 154.00.
