There was some profit-taking in the run up to Ueda’s press conference. But as soon as he started speaking, the focus has been more on what he didn’t say as opposed to anything else. And when he did touch on the Japanese yen, he didn’t do the currency any favours by saying that there is a chance that it could see a sustained period of weakness.
It’s not a full on green light for USD/JPY bulls but as mentioned earlier, it need not be for the pair to ramp higher on the day.
This article was written by Justin Low at www.forexlive.com.