Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
The Japanese yen is trying to attract buyers amid uncertainty over the Bank of Japan's future rate hike.

The Japanese yen is trying to attract buyers amid uncertainty over the Bank of Japan's future rate hike. | 09 October 2024

09 October 2024, USD/JPY

The Japanese yen is trying to attract buyers amid uncertainty over the Bank of Japan's future rate hike.

Event to pay attention to today:

21:00 GMT+3. USD - FOMC Meeting Minutes

USDJPY:

The Japanese yen (JPY) saw some intraday selling on Tuesday, which helped the USD/JPY pair pause its modest pullback from its highest level since August the previous day. The latest data released on Tuesday showed a decline in real wages in Japan in August, following two months of growth. Additionally, there was a reduction in household spending, which has led to concerns about the resilience of private consumption and the potential for a sustained economic recovery. This development coincides with critical remarks from Japan's new Prime Minister regarding monetary policy, contributing to uncertainty surrounding the Bank of Japan's (BoJ) plans to raise rates further. In addition, the prospect of a ceasefire between Lebanon's Hezbollah and Israel has contributed to the decline in the perceived safety of the Japanese Yen in the lead-up to Japan's snap election on 27 October.

However, speculation that Japanese authorities will intervene in the currency market to support the national currency has prevented a more aggressive stance on the part of those betting on a decline in the yen. Furthermore, the weak demand for the US dollar (USD) prevented the USD/JPY pair from capitalising on the overnight rebound from the 147.35-147.30 area, resulting in a limited price range during Wednesday's Asian session. Furthermore, investors are adopting a wait-and-see approach ahead of the release of the minutes of the September FOMC meeting, scheduled for today. This data, along with the US Consumer Price Index (CPI) and Producer Price Index (PPI), will play a pivotal role in influencing the US dollar price dynamics in the near term and will help determine the next stage of directional movement of the currency pair.

Trade recommendation: Trading mainly by Sell orders from the current price level.

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.