USDJPY rebounds above 140 ahead of FOMC and pivotal BoJ meeting
USD/JPY finished lower overnight at 140.64 (-0.38%), paring losses from a fourteen-month low of 139.57.
USD/JPY’s rebound into the close and bullish RSI divergence indicates that USD/JPY is looking for a short-term low. However, whether it can rebound to pressure crowded short USD/JPY positioning will depend on Friday's #BoJ meeting outcome.
At the meeting, the BoJ is widely expected to leave its policy rate unchanged at 0.25%, with most of the focus on its forward guidance around the October meeting. Should Ueda indicate an October rate hike is possible, USD/JPY will likely dive towards the next level of support at 138.00.
USD/JPY’s rebound into the close and bullish RSI divergence indicates that USD/JPY is looking for a short-term low. However, whether it can rebound to pressure crowded short USD/JPY positioning will depend on Friday's #BoJ meeting outcome.
At the meeting, the BoJ is widely expected to leave its policy rate unchanged at 0.25%, with most of the focus on its forward guidance around the October meeting. Should Ueda indicate an October rate hike is possible, USD/JPY will likely dive towards the next level of support at 138.00.
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