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The last major BoJ-driven Yen Carry Trade unwind pushed USD/JPY below 140—will history repeat if JGB yields surge again?
Shifting to the US session, housing sector data will influence US dollar demand. Falling new home sales could signal a deteriorating housing market and softer house prices on weaker demand.
With economists considering the housing sector a barometer for the US economy, lower house prices could affect consumer spending, softening the inflation outlook and the Fed rate path. Under this scenario, the USD/JPY pair could drop below 148.
In contrast, rising demand could fuel expectations of a higher-for-longer Fed rate path, potentially pushing the pair toward 153.
