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Lack of confidence in the yen

Lack of confidence in the yen | 08 February 2024

08 February 2024, USD/JPY

Lack of confidence in the yen

Event to watch out for today:

15:30 EET. USD - Number of initial applications for unemployment benefits / FOMC member Thomas Barkin to give a speech

USDJPY:

USD to JPY is near 148.70 as the economic calendar leaves markets dependent on rate cut expectations and speeches from central bank policymakers. The Japanese yen saw a broad market pullback mid-week, but improving risk sentiment also kept the US dollar low, resulting in USD/JPY experiencing price fluctuations.

Several Fed officials spoke on Wednesday, noting that while inflation progress continues, there are still risks on several fronts, with FRB Boston President Susan Collins highlighting the risk that inflation progress could easily stall. Fed officials speaking on Wednesday generally stuck to the Fed's projections of two or three rate cuts in 2024, while the market continues to hope for six rate cuts, starting perhaps in May.

The unstable macroeconomic backdrop of the Yen forms a short-term trend for dollar bulls, despite the recent Fed speeches.

Trade recommendation: Trading predominantly buy orders

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David Johnson
Analyst of «FreshForex» company
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