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Forex

BOJ Dovish Hike Leaves Yen Bulls Bruised

Guavy AI Editorial Team
Instruments
JPY
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Futures traders piled into longs in USD/JPY ahead of the Bank of Japan meeting, betting on a more hawkish policy. However, after the BOJ's slightly dovish hike, USD/JPY rose further.

The large speculator positioning from the COT report shows that yen bulls took a hit, but their bets may still prove correct if Japanese authorities intervene to curb the exchange rate's rise.

USD/JPY has increased by 3.4% over the past 10 days since the last Ministry of Finance intervention, and it reached a high of 158 on Friday. Traders are now watching for further action from Japanese authorities if they want to push USD/JPY back towards its previous intervention level at 160.

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