USDJPY: SELL 147.05, SL 147.50, TP 146.15 | 11 August 2025

USDJPY:

The Japanese yen (JPY) is attracting some intraday sellers after the summary of opinions from the Bank of Japan's (BoJ) July meeting showed that policymakers remain concerned about the potential negative impact of US tariff increases on the domestic economy. This increases uncertainty about the likely timing of the BoJ's next rate hike. In addition, the overall positive risk sentiment undermines the Japanese yen's position as a safe-haven currency, which in turn helps the USD/JPY pair to rebound from the 146.70 support zone during Friday's Asian session.

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However, investors seem convinced that the BoJ will raise interest rates before the end of the year. On the contrary, traders now see a greater likelihood that the US Federal Reserve (Fed) will cut borrowing costs at its September policy meeting. This, in turn, should hold back any significant recovery of the US dollar (USD) from its two-week low reached on Thursday and help limit deeper losses for the lower-yielding Japanese yen. Therefore, it would be wise to wait for strong follow-through buying before confirming that the USD/JPY pair has bottomed out in the near term.

Trade recommendation: SELL 147.05, SL 147.50, TP 146.15

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