Japanese yen caught a bid today, with USDJPY briefly dropping to the lowest level since mid-May 2024. Strengthening of Japanese yen was triggered by Reuters report. Reuters reported that Bank of Japan will weigh a rate hike at next week's meeting as the decision between hold and hike is said to be a close call. Moreover, it was reported that Bank of Japan will present plans to halve bond buying in the coming years.
Release of the report triggered another downward impulse on USDJPY, which has already been pulling back since early-July 2024. The pair briefly dipped below 154.75 support zone following release of Reuters report and moved below early-June lows, reaching the lowest level since May 16, 2024. However, bulls managed to push the pair back to the 154.75 area later on. Should we see a more sustained break below the 154.75 area, attention will shift to 153.60 zone, where the lowest limit of the Overbalance structure can be found.
Source: xStation5
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