The US Dollar has rallied significantly to show signs of continuation against the lowly Japanese yen. However, there is a Bank of Japan meeting in the early hours on Friday that could cause headaches.
The Aussie continues to see attempts to rally, as the market has possibly been overstretched to the downside. The market now look as if it is going to be running into a bit of trouble.
Is Japan about to intervene to prop up the value of its currency? The currency has been badly hit by rising speculation that the Federal Reserve will delay interest-rate cuts, which has pushed up the value of the greenback against a range of currencies. It has also overshadowed the Bank of Japan ending its negative rate policy last month, which many traders though would push the yen higher. Next on the calendar: The Bank of Japan’s monetary-policy meeting, which concludes Friday.
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