Part 1: Previous Session Review

Yesterday was a clean session for the desk: 2 trades taken, 2 winners, and 42.0 net pips booked across EURJPY and AUDUSD. The key point was not the size of the move, but the selectivity. We had enough momentum to work with, without needing to chase extended entries.

EURJPY offered the more direct read, supported by yen softness and steady intraday follow-through. AUDUSD also behaved well, but the broader dollar tone still argues for patience rather than overconfidence. After a winning day like this, the priority is to protect execution quality and avoid giving back gains in thinner pre-news conditions.

Part 2: Today’s Outlook & Watchlist

The main event on the calendar is BOJ Governor Ueda speaking at 02:35 UTC. This is high-impact yen risk, and the market will be listening for any shift in tone around inflation, wage pressure, policy normalization, or tolerance for further yen weakness.

USDJPY and EURJPY are the two assets to keep closest on watch. If Ueda sounds more hawkish than expected, yen strength could pressure both pairs lower, especially if positioning is crowded. If his tone remains cautious or non-committal, yen crosses may try to extend higher, but follow-through should still be judged against liquidity and prior-session ranges.

Plan for volatility around the speech rather than predicting the exact message. For our traders, the cleaner approach is to wait for the first reaction, identify whether price is holding or rejecting key intraday levels, and then trade the second move with defined risk.