The pair now trades at its highest levels since February, threatening a break above the 153.00 mark. The figure level was what stalled the upside move yesterday but the buying momentum is just continuing so far on the week. With the gains today, USD/JPY buyers are looking to make it six straight days of gains with four coming this week after the gap higher on Monday following the LDP leadership election result in Japan.
As mentioned yesterday, the Japanese yen currency is facing a triple whammy on the week. And those circumstances have not changed whatsoever coming into today.
As we draw closer towards the 155.00 mark next, expect Tokyo officials to come up with some verbal intervention at least to keep things from getting out of hand. That especially as Takaichi will not want to suffer such an early fallout with the public of having to deal with a weak yen currency so early on.
