Yen Strengthens on BoJ Rate Hike. Forecast as of 05.08.2024

Currency interventions were the catalyst for the collapse of the USDJPY exchange rate, followed by the Bank of Japan meeting and the release of the US labor market report. Let's discuss this topic and make a trading plan.Highlights and key points The $36.6 billion currency intervention marked the turning point for the USDJPY pair. The Bank of Japan appeared more hawkish than expected. The prospect of a US recession reinforced the yen as a funding currency. The USDJPY pair can be sold on pullback