11 October 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Producer Price Index
USDJPY:
The Japanese yen (JPY) is struggling to attract meaningful buyers during the Asian session on Friday, with the USD/JPY pair holding just below the highest level since early August reached the previous day. A fall in Japanese real wages for the first time in three months, a decline in household spending and signs that price pressures from commodity costs are easing have raised doubts about the Bank of Japan's (BoJ) rate hike plans. This continues to undermine the yen ahead of Japan's snap election on October 27 and is a key factor weighing on the currency pair.
Meanwhile, the market's initial reaction to better-than-expected US consumer inflation data released on Thursday was short-lived amid signs of labor market weakness. With the Federal Reserve (Fed) shifting its focus to achieving maximum sustainable employment, a sharp rise in US jobless claims suggested that the US central bank will continue to cut interest rates. This puts the US Dollar (USD) bulls on the defensive, below the near two-month high set the day before, and limits the USD/JPY pair as traders await the release of the US Producer Price Index (PPI).
Trading recommendation: Trade predominantly Buy orders from the current price level.
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