05 April 2024, USD/JPY
Events to pay attention to today:
15:30 EET. USD - Nonfarm Payrolls
USDJPY:
The Japanese yen (JPY) increased against the US dollar for a second consecutive day on Friday, reaching a two-week high during the Asian session. Concerns that the conflict between Israel and Hamas could extend to Iran and ignite a broader conflict in the Middle East, along with assertive comments from Federal Reserve (Fed) officials, have reduced investor interest in risky assets. This resulted in overnight declines in US stock markets and prompted an inflow of funds into the yen.
Meanwhile, investors are closely monitoring the possibility of Japanese authorities intervening to support the local currency. Additionally, Bank of Japan Governor Kazuo Ueda has indicated the potential for a rate hike if JPY movement affects inflation and wages, further bolstering the Yen. Meanwhile, the US Dollar (USD) is attempting to take advantage of the overnight rebound from a two-week low, contributing to the bearish sentiment surrounding the USD/JPY pair.
However, it is uncertain whether the JPY bulls will continue to build momentum or remain on the sidelines before the release of crucial monthly US employment data later in the North American session. The widely followed Non-Farm Payrolls (NFP) report will provide insight into the Fed's interest rate cut strategy. This will influence the short-term dynamics of the USD price and determine the next directional movement of the USD/JPY pair.
Trading recommendation: Trading predominantly Buy orders from the current price level.
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