USD/JPY continues to fall | 08 March 2024

08 March 2024, USD/JPY

USD/JPY continues to fallEvents to pay attention to today:

15:30. USD - Nonfarm-Payrolls

USDJPY:

The Dollar-Yen pair fell to fresh five-week lows below 148.00 in the early hours of Asian trading on Friday. The weakening US Dollar (USD) and growing speculation that the Bank of Japan (BoJ) will exit the ultra-soft monetary policy regime are contributing to the appreciation of the Japanese Yen (JPY) and putting pressure on the USD/JPY pair. At the time of publication, the pair is trading at 147.90.

On Thursday, the Bank of Japan (BOJ) Governor and board members said that the economy is moving towards the 2% inflation target, raising the possibility that the BOJ will stop introducing negative interest rates for the first time since 2007. The hawkish comments from BOJ policymakers lifted the Japanese Yen to a one-month high against the US Dollar.

On the other hand, Fed Chairman Jerome Powell said that the U.S. central bank is "not far" from gaining enough confidence that inflation will reach its 2% target to start cutting interest rates. The Fed chairman did not give an exact timeline for a rate cut, as Fed officials want to see more evidence before considering a rate cut.

Trading recommendation: Sell orders from 148.00 level

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David Johnson
Analyst of «FreshForex» company
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