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Bank of Japan uncertainty undermines the yen

Bank of Japan uncertainty undermines the yen | 22 April 2024

22 April 2024, USD/JPY

Bank of Japan uncertainty undermines the yenUSDJPY:

The Japanese Yen (JPY) starts the new week on a subdued note and remains near multi-decade lows against its US counterpart during the Asian session. Uncertainty over further Bank of Japan (BoJ) policy tightening and easing concerns over further escalation of geopolitical tensions in the Middle East have proven to be key factors undermining the JPY. Nevertheless, hawkish rhetoric from BoJ Governor Kazuo Ueda and fresh warnings from Japanese Finance Minister Shunichi Suzuki against excessive moves in the FX market are helping to limit deeper JPY losses. Traders are also in no rush to make new directional bets ahead of the Bank of Japan's important policy decision on Friday. Investors will also face the release of important U.S. macroeconomic data this week - advance first-quarter GDP on Thursday and the personal consumption expenditures (PCE) price index on Friday. Meanwhile, investors are pushing back their expectations for the timing of the Federal Reserve's (Fed) first rate cut to September and are lowering their bets on the number of rate cuts this year. This serves as a tailwind for the US dollar (USD) and the USD/JPY pair. Trading recommendation: Trade predominantly with Buy orders from the current price level.

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David Johnson
Analyst of «FreshForex» company
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