A bit of a whipsaw in the Japanese yen on old news

<p>From my broker, USD/JPY caught a whipsaw lower to 148.72 before reversing that move to steady around 149.40 levels again now. The reaction is to the headlines <a href="https://www.forexlive.com/centralbank/boj-reportedly-mulls-raising-price-outlook-for-the-current-fiscal-year-20231017/" target="_blank" rel="follow">here</a>. It's a bit of a sensitive one but it just confirms what we already should know heading into the BOJ policy meeting later this month. From last week:</p><ul><li><a href="https://www.forexlive.com/centralbank/boj-mulls-raising-fy-202324-core-cpi-target-to-3-from-25-forecast-in-july-report-20231010/" target="_blank" rel="follow">BOJ mulls raising FY 2023/24 core CPI target to ~3% from 2.5% forecast in July – report</a></li><li><a href="https://www.forexlive.com/centralbank/japan-media-icymi-bank-of-japan-considering-raising-its-inflation-outlook-to-nearly-3-20231010/" target="_blank" rel="follow">Japan media ICYMI – Bank of Japan considering raising its inflation outlook to nearly 3%</a></li><li><a href="https://www.forexlive.com/centralbank/bojs-noguchi-we-have-no-choice-but-to-raise-inflation-forecast-for-fiscal-year-2023-20231012/" target="_blank" rel="follow">BOJ's Noguchi: We have no choice but to raise inflation forecast for fiscal year 2023</a></li></ul><p>It looks like this is more to do with the algos being sensitive near the 150.00 mark more than anything else.</p>

This article was written by Justin Low at www.forexlive.com.