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BoJ may intervene in the market

BoJ may intervene in the market | 26 October 2023

26 October 2023, USD/JPY

USDJPY trading plan:

The Bank of Japan may enter the market with interventions after the dollar breached the psychological level of 151. Interventions usually take place in several stages, which means that further selling of this currency pair can be expected. Another reason for the fall is stock market selling, which historically tends to strengthen the Yen as the main funding currency in operations carry trades. The VIX fear index for the US stock markets is currently at 20 points, and the index may rise to another 30 points or even double from current levels, as has happened many times in the past, so we can expect another wave of selling in the stock markets.

Investment idea: sell 151.00 and take profit 150.00.

David Johnson
Analyst of «FreshForex» company
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