The USD/JPY pair is on an upward trajectory, showcasing the enduring weakness of the Japanese yen.
Currently, the USD/JPY exchange rate is at 151.67.
Recent movements saw USD/JPY nearing the 152.00 mark, underscoring the yen’s susceptibility to substantial pressure and positioning it close to lows not seen in three decades. The prevailing outlook suggests a continued decline, as the fundamental landscape remains unchanged.
The Bank of Japan’s commitment to an ultra-soft monetary policy stands in stark contrast to the global trend of increasing interest rates in other countries. Although there were attempts to stabilize the yen’s situation recently, these were likely tied to executing orders on expiring options for the week. Any hope for significant government interventions seems dim.
Even if the Bank of Japan contemplates shifting its soft monetary stance, any adjustments are anticipated to be gradual. Consequently, the JPY is unlikely to find substantial support against this backdrop.
The post JPY Weakness Persists: Overview for November 14, 2023 appeared first at R Blog – RoboForex.