At the start of the week, the U.S. dollar became stronger because of higher risks in the Middle East, and USD/JPY rose to 144.74 yen. After that, the Japanese yen also became stronger, and USD/JPY fell back to around 144 yen.
During the New York market, news came that Iran may want to stop missile attacks with Israel. This made traders take more risk, and USD/JPY rose again to just below 145 yen by the end of the day.
Today, there is a Bank of Japan meeting. The market expects the Bank of Japan to show a positive attitude toward raising interest rates. Before the meeting, USD/JPY may go back to the recent high of around 145.50 yen, which was reached before the yen became stronger last week on the 11th.
However, because the Middle East situation is still not calm, USD/JPY may fall again after the meeting.
Expected USD/JPY Price Range: 142.50 – 145.40
Note: The above information does not guarantee any profits. Please make your own decisions when trading.