USD/JPY is re-testing levels last seen in late-April on a combination of USD strength and Yen weakness. Will the BoJ intervene before the next central bank policy meeting?
Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0....Get My Guidefloating back to highs last seen in late April. Bank of Japan governor Kazuo Ueda stressed that he is looking at FX levels and their impact on import prices, while Japan's PM Fumio Kishida said that it was important to guide policy 'flexibly' to end deflation and promote.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current USD/JPY price trend may soon reverse lower despite the fact traders remain net-short.
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