04 June 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) is declining against the US dollar on Tuesday as lower global bond yields reduced demand for the yen. In addition, the interest rate differential between the US and Japan continued to weigh on the yen, supporting the USD/JPY pair.
Bank of Japan Governor Kazuo Ueda said on Tuesday that the central bank will conduct “nimble” market operations if long-term interest rates jump, signaling the BOJ's willingness to increase bond purchases if necessary. Ueda also said the BOJ would adjust the degree of monetary support if core inflation accelerates in line with its forecast, according to Reuters.
The U.S. dollar index (DXY), which measures the value of the U.S. dollar against six other major currencies, is rising amid rising U.S. Treasury yields. This rise can be attributed to the prevailing risk-off sentiment ahead of Wednesday's release of ADP employment change and ISM services PMI data. Despite expectations that the Federal Reserve (Fed) will not raise interest rates further, this will put downward pressure on US Treasury yields, potentially weakening the US Dollar.
Trading recommendation: Trade mainly with buy orders at the price level of 156.70. We consider sell orders at the price level of 156.00.
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