USD/JPY: BoJ keeping intervention in toolbox - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the yen strengthened during the past Asian session, with the USD/JPY pair falling down to 109.41 before paring losses.
Key Quotes:
"The pair was affected by speculation the BOJ won't be intervening any time soon, and will only use such tool in the case of an extreme and sudden appreciation of the Yen.
An intraday rally was reversed on a spike above the 110.00 figure, and the pair is now holding near its low, ahead of the release of Japanese National and Tokyo inflation figures for April and May respectively, and are generally expected to be softer than previous ones, which means the market may sell back the Japanese currency on speculation of some easing extension coming from the BOJ."
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