USDJPY retests the highs from last Friday

The USDJPY is trading to a new high at 146.47. In doing so, the pair is up testing the high from last Friday at 146.465.

Technically, a move above that high with momentum would have traders targeting the tabletop near 147.189 from September 2 and September 3

The move was largely driven earlier in the day by Japan’s Prime Minister Ishida’s comments that rate hikes are off the table. That shifted his recent bias (at least for now)

The move was further fueled by Bank of Japan (BoJ) Governor Ueda’s comments that markets “remain unstable”, implying that rate hikes aren’t likely anytime soon. Ueda had previously stated that the BoJ wouldn’t hike rates until markets stabilize, and Japan’s economy is recovering moderately, albeit with some weak signs.

All the JPY crosses are higher (with a lower JPY).The JPY has seen a -2% decline vs the USDe. Versus other currencies the JPY is lower by

• EUR: -1.84%.
• GBP: -1.94%
• CHF -0.41%
• AUD: -2.01%
• NZD-1.77%

This article was written by Greg Michalowski at www.forexlive.com.