USD/JPY moves towards 140.00 as Ueda casts doubts on imminent policy tweak

<p>In case you missed Ueda's remarks from yesterday, you can check them out <a href="https://www.forexlive.com/centralbank/bojs-ueda-still-some-distance-to-sustainably-achieve-2-inflation-target-20230718/" target="_blank" rel="follow">here</a>. That is weighing on the Japanese yen as he certainly doesn't sound like he is about to bring about any imminent changes to the BOJ policy settings. USD/JPY is up over 100 pips currently to 139.80 as buyers set their sights on the 140.00 mark:</p><p>The pair is also running into some near-term resistance from the 200-hour moving average (blue line) at 139.74. If buyers keep a hold above that, it will see the near-term bias turn more bullish but I would argue that will be more so the case on a break back above 140.00 nonetheless.</p><p>If you're wondering why the yen is rather sensitive to remarks from Ueda, you can check out my earlier posts since last week below:</p><ul><li><a href="https://www.forexlive.com/news/higher-japanese-yields-tees-up-potential-for-another-boj-disappointment-20230712/" target="_blank" rel="follow">Higher Japanese yields tees up potential for another BOJ disappointment</a></li><li><a href="https://www.forexlive.com/news/the-fed-and-ecb-may-not-be-the-biggest-central-bank-risks-to-markets-this-month-20230717/" target="_blank" rel="follow">The Fed and ECB may not be the biggest central bank risks to markets this month</a></li></ul><p>Should Ueda not deliver again next week, that should lead to added selling in the currency considering the positioning flows that we have seen in the past two weeks. The feeling among yen bulls right now:</p>

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