USDJPY SIGNAL 10-03-22 : USDJPY Bulls Cautious While Approaching 116.345 Main Top.

The Dollar/Yen is edging higher on Thursday, threatening to break a five-year high reached on January 4, as safe-haven demand for the Japanese Yen eased on signs of a de-escalation in the war between Russia and Ukraine.

USDJPY SIGNAL : Traders cited the start of diplomatic talks in Turkey as one reason for the pullback in the Yen. Another reason may have been Ukraine’s willingness to discuss Russia’s demand for neutrality.

The USDJPY was also supported by remarks from Bank of Japan (BOJ) Governor Haruhiko Kuroda who ruled out this week the chance of tightening monetary policy to deal with any commodity-driven rise in inflation, stressing the need to wait for wage growth to pick up.

USDJPY SIGNAL : The BOJ has repeatedly stated that it will keep ultra-loose monetary policies to support the economic recovery and achieve its 2% inflation target, highlighting one of the most dovish positions among major central banks.

The main trend is up according to the daily swing chart. A trade through the intraday high at 116.196 will signal a resumption of the uptrend. A move through 114.651 will change the main trend to down.

The nearest resistance is the February 10 main top at 116.339 and the January 4 main top at 116.345.

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