Japanese Yen: Yen eyes BoJ and key resistance zone against US Dollar – Scotiabank
The post Japanese Yen: Yen eyes BoJ and key resistance zone against US Dollar – Scotiabank appeared on BitcoinEthereumNews.com. Scotiabank strategists Shaun Osborne and Eric Theoret observe the Japanese Yen trading broadly in line with G10 peers, with near-term focus on the June PPI release and the July 31 Bank of Japan meeting. They note material resistance in USD/JPY above 162.50, close to last week’s multi-decade high, while markets still price only about 25 bps of BoJ tightening by year-end. Resistance near multi-decade highs “The yen is also trading in tandem with most of its G10 peers and offering little differentiation in terms of its performance.” “Overnight data were limited and near-term risk lies with the 7:50pm ET release of PPI.” “Short-term price action in USD/JPY suggests material resistance above 162.50, with all eyes on last week’s multi-decade high around 162.80.” “Media reports of an acceleration in the BoJ’s tightening path may offer the JPY support, however rate ex