24 June 2024, USD/JPY
USDJPY:
The Japanese Yen (JPY) may continue its losing streak for the eighth consecutive session on Monday. On Friday, a stronger than expected US Purchasing Managers' Index (PMI) weighed on the US Dollar (USD) and impacted the USD/JPY pair.
Japan's chief currency diplomat Masato Kanda said on Monday that he will take appropriate action if there are excessive movements in the currency market. Kanda warned against the negative economic consequences of such movements and emphasized his willingness to intervene around the clock if necessary, Reuters reported.
The U.S. dollar index (DXY), which measures the value of the U.S. dollar against six major currencies, rose as Federal Reserve (Fed) officials postponed the timing of the first interest rate cut this year. According to the CME FedWatch Tool, investors estimate the probability of a Fed rate cut in September at nearly 65.9%, up from 70.2% a week earlier.
Trading recommendation: Watch the level of 159.80, and if the level strengthens above, take Buy positions. If the level bounces back, take Sell positions.
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