USD/JPY drops as yen strengthens on fading BOJ rate hike hopes
USD/JPY declined 0.4% to 149.20 as the Japanese yen gained strength against major currencies during Asian trading Monday. The yen's appreciation comes despite diminishing expectations for an immediate Bank of Japan rate hike, suggesting other factors are driving the currency higher. Market participants appear to be adjusting positions after recent yen weakness, with safe-haven flows potentially supporting the Japanese currency. The move saw EUR/JPY fall to 161.50 and GBP/JPY retreat to 191.80. Technical analysis shows USD/JPY breaking below the 149.50 support level, with next support at 148.80. The yen's broad-based strength reflects shifting market dynamics, though traders remain cautious about the BOJ's actual policy timeline. Near-term resistance for USD/JPY sits at 149.80, while a sustained break below 149.00 could accelerate yen gains across the board.
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