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2025-10-30 15:25:29
[Yen Plunges After Bank of Japan Governor Kazuo Ueda's Speech, Pushing USD/JPY to Eight-Month High] ⑴ USD/JPY rose to an eight-month high of 153.53 and is currently trading around 153.45, up about 0.48%. ⑵ The yen continued to weaken after the Bank of Japan governor's dovish comments at a press conference. Market expectations that new Prime Minister Sanae Takaichi will implement an aggressive fiscal spending plan further exacerbated uncertainty about the timing of the Bank of Japan's next interest rate hike, putting significant pressure on the yen. ⑶ In addition, market optimism regarding US-China trade relations is also weakening the yen's safe-haven appeal. This largely offset the mild weakness of the dollar, indicating that the path of least resistance for the USD/JPY pair remains upward. Furthermore, the pair technically broke through the previous monthly high (153.27), confirming the positive outlook and providing support for further recent strengthening. ⑷ Daily chart oscillators are showing a positive trend, providing support for further upward movement in the pair. (5) On the upside, the exchange rate may attempt to retake the 154.00 level and extend the upward momentum to the next relevant resistance level in the mid-154.50 area, subsequently challenging the 154.75-154.80 range and the psychological level of 155.00. (6) On the downside, if the exchange rate falls below the 153.30-153.25 area, which has now become support, the 153.00 level may attract bargain hunters and form a short-term support level. However, if this level is effectively broken, it may test the Asian session lows (around 152.15). Following this is the 152.00 level; if this level is breached, USD/JPY may slide towards the 151.55-151.50 area and eventually fall towards the key support level of 151.10-151.00.
