USD/JPY Uptrend Holds Amid BoJ Dovish Tone
The USD/JPY pair is experiencing a bullish trend following the release of the Bank of Japan's (BoJ) Minutes, which showed that members agreed financial conditions are accommodative and that firms are steadily passing on rising raw material costs.
This has led to a weakening of the Japanese yen against the US dollar, with spot prices sticking to gains and remaining at the mercy of USD price dynamics.
The BoJ's dovish-leaning tone is contributing to the pair's uptrend, despite speculations that authorities will step in again to prop up the domestic currency failing to impress JPY bulls.
The fundamental backdrop seems tilted in favor of USD bulls, with traders looking to speeches from influential FOMC members for short-term opportunities later during the North American session.