The major uptrend phase of the USD/JPY in place since mid-January 2023 seems to be losing its bullish inertia even though it has recorded a year-to-date gain of +14.16% as of 24 October at this time of the writing, the best US dollar major pair ahead of the USD/CAD (+0.72%), USD/EUR (-0.15%), USDGBP (-1.78%), and USD/CHF (-3.78%).
The ex-post effect of Bank of Japan (BoJ)’s flexible 10-year Japanese Government Bond (JGB) Yield Curve Control (YCC) announcement on the 28 July monetary policy meeting has led to a 716 pips rally (+5.2%) seen in the USD/JPY from its 28 July low of 138.55 to today, 14 August Asian session intraday high of 145.22.