The US dollar is falling again against the Japanese yen on Wednesday, as we continue to see a bit of a pullback in this extraordinarily bullish market.
during trading on Wednesday, as we continue to see a bit of a pullback in this extraordinarily bullish market., which is sitting just below the ¥145 level. All things being equal, we are still very much in an uptrend, and it should be looked at through that prism. However, the Bank of Japan has been very aggressive about intervening, so perhaps they will finally get the slower grind against its currency that they are hoping for.continues to tighten monetary policy.
However, hope burns eternal and therefore we are seeing a bit of a selloff against the greenback during the day.announcement next week, and that will almost certainly have the market screaming again. The statement that accompanies that and the press conference on Wednesday will be parsed for hints as to what the Federal Reserve is going to do, but Jerome Powell has been very direct, and I just don’t see that changing anytime soon.
As long as that is going to be the case, the Japanese yen is going to be on its back foot, and it desperately needs the Federal Reserve to come in and save it by stepping away from a tight monetary policy.