USD/JPY rally extends to end of September!
Updated
Last week's rally from the psychologically important bottom of 140 in USDJPY is likely to continue in the near term, although it is too early to say that the weeks-long selling wave is over.
As month-end and quarter-end flows will dominate, the next few FX trading days are likely to be volatile.
The quarter and the end of the month are approaching, which will require global portfolio managers to adjust to recent developments in the foreign exchange market. Rebalancing could trigger sharp short-term volatility.
Given the weak performance in recent weeks, the dollar is likely to strengthen in late September and the third quarter of 2024.
I would be surprised if by the end of the quarter dollar selling is large enough to push the dollar index below the 100 support level. Generally, the dollar index ended the quarter on a positive note, so if anything, the dollar could climb back above 101 and head toward 102.
The rally in the DXY means that the dollar is again under pressure against the yen and could extend the current six-day uptrend.
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USD/JPY stood at 144, up 0.55% on the dayTrade active
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