USD/JPY is trading almost 300 pips higher from its weekly open prices. And that’s after already pulling back down by 50 pips!
In case you were paying attention to other FX pairs, you should know that the U.S. dollar has been making pips rain since the week started.
Some possible reasons for USD’s strength include escalating Middle East tensions, global growth concerns, and traders cooling down their interest rate cut speculations from the major central banks.
In USD/JPY’s case, the dollar received an extra boost from weak producer price pressures, shaky Japanese data, and traders adjusting their bets for when the Bank of Japan (BOJ) would exit its easy policies era.
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