Weaker Japanese Yen Ahead of BoJ Rate Decision

Japan's currency, the Japanese Yen (JPY), has been underperforming in recent times. According to Scotiabank strategists Shaun Osborne and Eric Theoret, the JPY is down 0.7% versus the US Dollar (USD) and trailing behind its G10 peers.

The pair of strategists highlighted that markets are focused on this Friday's Bank of Japan (BoJ) meeting, where a hike in interest rates is seen as fully priced. This anticipation has led to a weaker JPY.

For USD/JPY, Osborne and Theoret noted recent lows around 153 and additional support near 152. They also mentioned resistance above 155.