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USD/JPY in a narrow range

USD/JPY in a narrow range | 22 February 2024

22 February 2024, EUR/USD

USD/JPY in a narrow rangeUSDJPY:

The Japanese yen (JPY) continues to be on the defensive against its US counterpart for the second consecutive day on Thursday and held near a one-week low during the Asian session, although there was no shortage of follow-through selling. The Japanese economy unexpectedly contracted for the second consecutive quarter in October-December and confirmed a technical recession. This seems to have dashed hopes of a imminent Bank of Japan (BoJ) policy change in the coming months.

That said, fears that the recent dip below the psychological 150.00 mark could lead to intervention from Japanese authorities have kept traders from aggressively bearish bets on the JPY. In addition, the absence of significant purchases on the US dollar (USD), contribute to limiting the growth of the pair USD/JPY.

Trading recommendation: Watch the level of 150.00 and trade in the narrow channel 150.00-150.45.

Follow important macroeconomic news on the Forex Economic Calendar.

David Johnson
Analyst of «FreshForex» company
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