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Bank of Japan continues to follow the strengthening trend

Bank of Japan continues to follow the strengthening trend | 23 August 2024

23 August 2024, USD/JPY

Bank of Japan continues to follow the strengthening trend

An event to look out for today:

17:00 GMT+3. USD - Jerome Powell, Chairman of the Federal Reserve Board of Governors, will deliver a speech

USDJPY:

The Japanese Yen (JPY) is strengthening against the US Dollar (USD) following the release of inflation data and Bank of Japan Governor Kazuo Ueda's speech to Parliament on Friday. Ueda stated that ‘the Bank of Japan raised rates in July as the economy and inflation were largely in line with forecasts.’

Bank of Japan Governor Ueda also noted that the stance on adjusting monetary easing measures will not change if the economy and inflation continue to be in line with forecasts. Ueda noted that the BoJ's recent policy decisions have been appropriate and warned that determining the future course of policy could lead to unnecessary speculation.

The USD/JPY pair is declining as the US dollar faces downward pressure from lower Treasury yields. However, the dollar strengthened after mixed purchasing managers' index (PMI) data from S&P Global released on Thursday.

In addition, US Federal Reserve (Fed) Chairman Jerome Powell is scheduled to speak at a symposium in Jackson Hole later on Friday. Powell may make a statement on the possibility of interest rate cuts in the United States (US), which is highly anticipated by market participants.

Trading recommendation: Trade predominantly with Sell orders from the current price level

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David Johnson
Analyst of «FreshForex» company
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