USD/JPY further retraces the Thursday drop from last week ...Middle East

The high in the last hour touched 146.45 as buyers are retracing further the drop from Thursday last week, which came after markets interpreted BOJ governor Ueda's remarks to signal an imminent policy shift. That also squeezed out USD/JPY longs, which I would argue is more of the main cause for the steep drop at the time. But now, we're seeing price recover following a notable bounce off the 200-day moving average (blue line) from last week.There is also support from the 38.2 Fib retracement level of the swing higher for the majority of this year, seen at 142.47, that is helping out in terms of the technicals.As for the fundamental outlook, I continue to maintain that those arguing for a shi

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USD/JPY further retraces the Thursday drop from last week ...Middle East

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