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Continued growth

Continued growth | 14 February 2024

14 February 2024, USD/JPY

Continued growth

Event to watch out for today:

17:30 EET USD - EIA Crude Oil Stocks Change

USDJPY:

During Wednesday's Asian session, the Japanese yen (JPY) appreciated against the US dollar, recovering some of the losses from the previous day and reaching a three-month high. The yen received support from Japanese authorities' verbal intervention after it dipped below the psychological 150.00 mark, as well as from the risk-off momentum. However, Bank of Japan (BoJ) Deputy Governor Shinichi Uchida's recent remarks may discourage bullish bets. Furthermore, the bullish sentiment towards the US Dollar (USD) may also restrict the decline of the USD/JPY pair.

The optimistic outlook persists, boosting US Treasury yields and widening the interest rate gap between the US and Japan, thereby reinforcing the bearish outlook for the Japanese Yen. Consequently, it implies that the USD/JPY pair is more likely to move upwards. Therefore, any substantial corrective decline could be viewed as a chance to buy.

Trading recommendation: Trade mainly on Buy from the level of 150.00.

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David Johnson
Analyst of «FreshForex» company
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