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The Bank of Japan's intervention did not affect the yen

The Bank of Japan's intervention did not affect the yen | 23 May 2024

23 May 2024, USD/JPY

The Bank of Japan's intervention did not affect the yen

Event to watch out for today:

15:30 GMT+3. USD - Unemployment Claims

16:45 GMT+3. USD - Composite PMI

USDJPY:

The Japanese yen (JPY) is unchanged despite the Bank of Japan (BoJ) announcing on Thursday that it left Japanese government bond (JGB) volume unchanged from the previous operation. More than a month ago, the BoJ reduced the volume of 5-10-year bond purchases as part of a planned operation.

The yen avoided the impact of Purchasing Managers' Index (PMI) data from Japan, which showed that private sector growth hit a nine-month high in May as manufacturing activity returned to growth.

The US Dollar (USD) remains slightly sluggish ahead of the US PMI data due for release on Thursday. However, the Dollar strengthened on Wednesday thanks to the release of minutes from the latest Federal Open Market Committee (FOMC) meeting.

Federal Reserve (Fed) policymakers expressed concern over the slow progress of inflation, which is showing more resilience than originally expected in early 2024. As such, the Fed is cautious about lowering interest rates.

Trading Recommendation: If consolidate above 156.80, consider buying, and if the rebound occurs, take Sell positions.

Connect 101% under drawdown 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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