USDJPY Trading - US dollar finds buyers on the dip against the Japanese yen
Ultimately, this is a market that I think will have plenty of buyers regardless, as the Bank of Japan continues to work against yields in the bond market, meaning that they are essentially “printing Japanese yen.” If that’s going to be the case, then it makes quite a bit of sense that we would see other currencies benefit.Furthermore, the Federal Reserve is much tighter than the Bank of Japan and is considered to be one of the most hotly central banks in the world.
However, if we continue to see the US dollar soften against other currencies, you may be better off buying something like the AUD/JPY or even the NZD/JPY as commodity markets have been so strong. Either way, this is a market that I have no interest in shorting, and I think that if we get a pullback during the Friday session, it’s very likely that the markets will look at that as a potential buying opportunity. The ¥126.
Expect a lot of choppiness on Friday, as is pair is highly sensitive to the jobs report, but at the end of the day I would anticipate that any selloff attracts buyers as there have been so many recently.
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