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Japanese yen in attempts to strengthen

Japanese yen in attempts to strengthen | 19 February 2024

19 February 2024, USD/JPY

Japanese yen in attempts to strengthenUSDJPY: USD/JPY declines to 150.00 in the Asian session on Monday after a volatile session the previous day. The Japanese Yen (JPY) is supported by improved machinery orders data. However, the Dollar-Yen pair soared on the back of better-than-expected Producer Price Index (PPI) data from the US on Friday.

Japan's machinery orders (m/m) rose 2.7% vs. 2.5% expected in January, reversing the previous decline of 4.9%. While the y/y figure improved to -0.7% vs. -1.4% expected and a previous decline of -5.0%. These data indicate an improvement in business confidence in Japan's manufacturing sector.

In January, the US core producer price index (y/y) rose 2.0%, beating expectations of 1.6% and the previous reading of 1.7%. Meanwhile, the monthly (m/m) data showed a 0.5% increase, compared to the expected 0.1% improvement after the previous 0.1% decline. As US banks are closed due to President's Day bank vacations, the market expects minimal movement in the US Dollar. Trade recommendation: Trade mainly on Sell from current values

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David Johnson
Analyst of «FreshForex» company
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