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75 pips bounce in USD/JPY

75 pips bounce in USD/JPY | 01 March 2024

01 March 2024, USD/JPY

Events to pay attention to today:

17:00 USD - ISM Manufacturing Index

USDJPY:

The Japanese Yen (JPY) strengthened sharply against its US counterpart and hit a two-week high on Thursday after Bank of Japan (BoJ) board member Hajime Takata made a clear hint of an imminent rate hike. At the same time, BoJ Governor Kazuo Ueda spoke somewhat cautiously and tempered speculation of an imminent policy rate hike. Moreover, investors seem convinced that the recession in Japan may force the BOJ to postpone its plan to move away from ultra loose policy. This, along with the continuation of the recent stock market rally, has kept the safe-haven yen from rising further.

In addition, the emergence of some US Dollar (USD) buying helped the Dollar-Yen pair to bounce about 75 pips from the 149.20 area and gain some positive momentum during the Asian session on Friday. Meanwhile, the US Personal Consumption Expenditures (PCE) price index for January matched expectations and showed that the annual inflation increase was the smallest in almost three years. This confirmed market bets that the Federal Reserve (Fed) will start cutting interest rates at its June meeting. This may deter dollar bulls from aggressive bets and limit further growth of the currency pair.

Trading recommendation: Trade in the channel 150.00-150.80 on bounces from the levels

We remind you that the company's website has a convenient and functional Forex calculator, with the help of which you can calculate the size of the deposit or the cost of a point of your future transaction! Calculate your expected profit already now!

David Johnson
Analyst of «FreshForex» company
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