For all the talk about not commenting on the exchange rate, he is definitely touching on a bit of a sensitive topic here. I wouldn’t mind him saying that speculative positioning being what led to the surging run higher in USD/JPY until July. But to say that the unwinding has run its course? Hmm. Is he goading traders into rebuffing those prospects again?
USD/JPY is sitting higher by 0.7% currently, trading up to 144.65. The pair is keeping just above its 100-week moving average of 144.42 now. That will be a key technical level to be mindful of during the week.