USD/JPY Steady but Elevated, Pressure Toward 162 – Scotiabank
Scotiabank strategists note USD/JPY remains elevated with pressure toward the 162 level, as a BoJ rate hike is widely expected this week.
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Scotiabank strategists Shaun Osborne and Eric Theoret report that USD/JPY is steady but elevated, with recent gains already surpassing levels that previously triggered intervention. The pair is facing persistent buying pressure, pushing toward the 162 mark.
The market widely expects a 25 basis-point rate hike by the Bank of Japan on Tuesday. Traders are also pricing in nearly one additional increase after that, as the BoJ continues its gradual tightening cycle.
Source: FXStreet Forex News