Interesting times for the USD/JPY pairing.
In US – markets are all set to hear Jerome Powell’s update in the FOMC meeting this week – the first meeting since the Jackson Hole Symposium where the FED moved to an average inflation target, instead of a flat inflation target of 2%.
In Japan – Yoshide Suga has been elected the new leader of the ruling party and is now waiting for the Parliament session today to officially be sworn in as the new prime minister. As with any new leader taking over, markets awaits to see how he would govern. Being an understudy of previous prime minister Abe, not many new changes can be seen on the horizon as Suga supports Abenomics, but it will be interesting to see what he comes up with.
The UJ pair was seen to be trading as low as 105.29 as the Yen reached a fresh monthly high against the USD. Sellers are now aligned in the 105.50 area.
As these leaders navigate through the new, let's await to see how it impacts the UJ Pairing.
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