USDJPY Insight

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Key Points
- October 31: The Bank of Japan decided to keep interest rates unchanged. Governor Ueda mentioned that real interest rates are currently very low and added that they will raise policy rates as economic and price outlooks improve.
- Iowa Polls: Following news that Harris is leading within the margin of error in Iowa, where Trump had a lead, we’re seeing a reversal in the "Trump trade."
- November FOMC: The Federal Reserve is expected to implement a 25 basis point rate cut in this month’s FOMC meeting.
- OPEC: OPEC and OPEC+ have postponed their production increase plans once again.

Key Economic Indicators
- November 5: U.S. Presidential Election, Reserve Bank of Australia rate decision
- November 7: Bank of England rate decision
- November 8: FOMC meeting results announcement

USD/JPY Chart Analysis
Although the Bank of Japan kept rates steady, hawkish remarks were made during the subsequent press conference, contributing to dollar weakness and yen strength, along with the "Trump trade" reversal. Currently, the price is forming around the 152 line. There’s a possibility of a further pullback to the 149.500 line; however, in the broader perspective, the likelihood of a rise to the 158 line is stronger.

With the FOMC meeting and U.S. election this week, major factors will be in play. If the market direction shifts, I’ll swiftly adjust strategies.