Yen Returns to Its Fundamental Drivers. Forecast as of 26.08.2026

As paradoxical as it may sound, joint intervention by the US and Japan has brought the USD/JPY back to its fundamentals. The pair's movements now depend less on speculative positioning and more on the monetary policies of the Fed and the BoJ. Let's examine the situation and develop a trading plan.Major Takeaways The market is almost certain that the BoJ will raise interest rates in September. Market sentiment has shifted since the currency interventions. Speculators are in no rush to rebuild sho