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USD/JPY hits a fresh 9-month high ahead of Friday’s BOJ meeting
The Fed delivered their hawkish hold, and that means the Fed’s policy has effectively widened relative to the BOJ’s once more which refreshes the upside bias for USD/JPY. In fact, the US-JP 2-year yield has hit fresh cycle highs ahead of tomorrow’s BOJ meeting. And whilst the risk of verbal intervention remains from the MOF/BOJ, they may not actually intervene if the trend remains orderly. And price action on the daily chart suggests that it is. It seems unlikely the BOJ will announce any change of policy tomorrow, or soon for that matter. Although you never know for sure with this central bank. The BOJ widened ... (full story)