Continuation of USD/JPY flat | 01 April 2024

01 April 2024, USD/JPY

Continuation of USD/JPY flatAn 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.

Fund your account with cryptocurrency and you will get up to 10% in balance on your first deposit. The extra funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus