USD/JPY hugs the top of the range with eyes on intervention | Forexlive

USD/JPY is up just 5 pips to start the new week at 148.41 but it’s in focus after the BOJ decision on Friday. Governor Kazuo Ueda said they have yet to foresee inflation stably and sustainably at target. He urged patience despite signs of companies hiking prices more than expected.

That boosted USD/JPY by 80 pips on Friday and left it right at the top of the range last week. Adding to the upward pressure was a fresh cycle high in US yields last Thursday.

The high so far today is 148.44, which is just two pips shy of last week’s high of 148.46. A light breeze could push it through and that might start a run on stops. Beyond that, the 150 level is a barrier to watch, followed by last year’s high of 151.94.