01 April 2024, USD/JPY
An event to watch out for today:
17:00 EET. USD - ISM Manufacturing Index
USDJPY:
The Japanese Yen (JPY) started the new week on a softer note against its US counterpart, albeit without continuing, remaining in the familiar range that has been maintained over the past two weeks. The Bank of Japan's (BoJ) cautious approach to further policy tightening as well as the prevalence of risk-on sentiment continues to undermine the safe-haven Yen. Nevertheless, signs of possible government intervention in the market to address the excessive decline of the local currency have kept bears from aggressively betting on the JPY.
Meanwhile, the US Personal Consumption Expenditures (PCE) price index released on Friday did little to change expectations that the Federal Reserve (Fed) will start cutting interest rates at its June meeting. This kept USD bulls on the defensive and helped limit the USD/JPY pair's upside. Traders are now awaiting important US macroeconomic data scheduled for early in the new week, starting with the ISM manufacturing PMI to give them some momentum, although the focus remains on Friday's Non-Farm Payrolls (NFP) data.
Trading recommendation: Trade in the 151.00-151.80 channel on a bounce from levels.
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