01 August 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Unemployment Claims
17:00 GMT+3. USD - ISM Manufacturing Index
USDJPY:
The Japanese yen (JPY) continues to rise against the US dollar (USD) for the third consecutive session, reaching a four-month high of 148.50 on Thursday. This rise is due to unexpected hawkish policy announcements from the Bank of Japan (BoJ).
The BoJ raised its short-term rate target by 15 basis points (bps), bringing it to a range of 0.15%-0.25% from the previous 0%-0.1%. In addition, the bank outlined a plan to reduce Japanese government bond (JGB) purchases to 3 trillion yen a month starting in the first quarter of 2026.
Reuters reported on Wednesday that Japan's Finance Ministry confirmed suspicions of market interference by the authorities. In July, Japanese authorities spent 5.53 trillion yen ($36.8 billion) to stabilize the yen, which fell to its lowest level in 38 years.
USD/JPY declined as the U.S. dollar is struggling after the Federal Reserve (Fed) decided to keep rates at 5.25-5.50 percent at its July meeting on Wednesday. Traders will look for additional guidance in upcoming US economic data, including ISM manufacturing PMI and weekly initial jobless claims, which will be released later on Thursday.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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