10 September 2024, USD/JPY
USDJPY:
The USD/JPY pair is turning positive for the second consecutive day after declining early in the Asian session to the 142.85 area, although it lacks bullish confidence. Spot prices are currently trading with a slight positive bias just below the mid-143.00s and remain within striking distance of the one-month low reached last Friday.
The Japanese Yen (JPY) continues to be threatened by data released on Monday that showed the economy grew slightly slower in the second quarter than originally reported. This could complicate the Bank of Japan's (BoJ) plan to raise interest rates further in the coming months. In addition, the overall positive sentiment in equity markets is reducing demand for the safe-haven Yen and serving as a tailwind for the USD/JPY pair amid some buying interest from the US Dollar (USD).
Investors may also prefer to stand back and wait for the release of US consumer inflation data on Wednesday before making new directional bets. Thus, strong follow-through buying is needed to confirm that the USD/JPY pair has formed a short-term bottom and is positioned for significant gains amid the lack of meaningful macroeconomic data from the US on Tuesday. That said, speeches by influential FOMC members may provide some impetus later in the US session.
Trading recommendation: Watch the level of 143.00, if consolidated below consider Sell position, if rebounding positions on Buy.
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