05 March 2024, USD/JPY
Events to pay attention to today:
17:00. USD - ISM Services Purchasing Managers Index (PMI)
USDJPY:
The Japanese Yen (JPY) was able to partially recoup the previous day's losses after data released showed that consumer inflation in Tokyo, the Japanese capital, rebounded from 22-month lows in February. This comes amid speculation that another significant round of wage hikes by Japanese companies this year could spur consumer spending and demand-driven inflation, opening the door for potential Bank of Japan (BoJ) policy normalization. In addition, speculation that Japanese authorities will intervene in the market to support the local currency and cautious market sentiment support the safe-haven Yen.
Nevertheless, the Dollar-Yen pair returned back to the 150.50 level, indicating investors' caution ahead of the release of important US economic data. The US Dollar (USD) continues to struggle to attract meaningful buyers amid growing expectations of an imminent Federal Reserve (Fed) policy change. At the same time, the growing confidence that the Fed will raise interest rates for even longer should keep traders from aggressively targeting bets on a further decline in the currency pair.
Trading recommendation: The previous recommendation is still valid, trade with Sell orders from 150.50 and 150.70 levels.
Follow important macroeconomic news on the Forex Economic Calendar.
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