Forex (SPOT)

USDJPY: Intraday Analysis & Setup update

The yen rose on Wednesday as Japanese bond yields climbed sharply on hopes that ultra-loose monetary policy will soon end, while the dollar fell as the euro and pound advanced. The yen tracked Japanese government bond yields, which leapt to six-week highs after Bank of Japan chief Kazuo Ueda said on Tuesday that the prospects of achieving the central bank’s inflation target were gradually increasing.

Strong Japanese export data on Wednesday added to the positive mood around the yen, as did a dip in U.S. bond yields as investors tried to gauge the likely path of Federal Reserve interest rates.

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