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Yen recovers from the fall

Yen recovers from the fall | 21 March 2024

21 March 2024, USD/JPY

Yen recovers from the fallAn event to look out for today:

14:30. USD - Unemployment Claims

15:45. USD - Composite PMI

USDJPY:

The Japanese Yen (JPY) is gaining positive momentum during the Asian session on Thursday and is recovering from its lowest level since November 2023 reached the previous day. The Bank of Japan (BoJ) is reportedly considering another rate hike in July, although an October hike is seen as one of the most likely scenarios. This, along with favorable economic data from Japan, is putting good pressure on the Yen amid speculation that Japanese authorities may intervene to stop further weakening of the currency.

The US Dollar (USD), on the other hand, is adding to overnight losses influenced by the Federal Reserve's (Fed) stance, which in turn is seen as another factor putting downward pressure on the USD/JPY pair. Meanwhile, the Bank of Japan said earlier this week that financial conditions will remain accommodative and offered no guidance on future steps or pace of policy normalization. This could deter JPY bulls from aggressive bets and help limit further losses for the currency pair.

Trading Recommendation: Watch 151.00, on a rebound take Sell positions

Important macroeconomic news is coming out today, you can take advantage of it! Connect 101% Drawdown bonus and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
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