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The bears are in no mood to fight

The bears are in no mood to fight | 16 February 2024

16 February 2024, USD/JPY

The bears are in no mood to fight

Event to watch out for today:

15:30 EET USD - PPI m/m

USDJPY:

During the Asian session on Friday, the Japanese yen (JPY) is losing ground against the US dollar, giving up some of the gains it made in the past two days after hitting a year-to-date low earlier this week. The uncertainty surrounding the Bank of Japan's (BoJ) exit from its negative interest rate policy and the recent surge in US equity markets are the main factors that have weakened the yen's safe-haven status. This is helping the USD/JPY pair move above the psychological 150.00 mark. However, verbal intervention by the Japanese authorities may limit JPY losses and constrain the currency pair.

Weak US retail sales data released on Thursday has revived speculation that the Federal Reserve (Fed) will soon start cutting interest rates. Continued pressure on the USD/JPY pair may persist due to the aforementioned factors. Exercise caution before positioning for further intraday gains. Market participants are now focusing on the US economic agenda, including the upcoming release of the Producer Price Index (PPI) and speeches from influential FOMC members. These events are expected to provide fresh impetus.

Trade recommendation: Trade predominantly on Buy from current values

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Analyst of «FreshForex» company
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