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Rising US yields may curb yen strength

Rising US yields may curb yen strength | 22 November 2024

22 November 2024, USD/JPY

USDJPY:

Higher market sentiment and rising US bond yields are limiting the rise of the low-yielding yen.

The US Dollar is holding near its highest level in the last year and is providing support to the USD/JPY pair.

The Japanese Yen (JPY) attracted buying for the second day in a row following the release of slightly better-than-expected Japanese consumer inflation data. This came amid statements released on Thursday by Bank of Japan Governor Kazuo Ueda, which kept expectations of an interest rate hike in December. In addition, Japanese Prime Minister Shigeru Ishiba's 39 trillion yen economic stimulus package boosts the Yen and puts some pressure on the USD/JPY pair.

Nevertheless, the prevailing risk-on and higher US Treasury yields keep traders from aggressive bullish bets on the low-yielding Yen. Investors remain concerned that U.S. President Donald Trump's policies could lead to renewed inflation and force the Federal Reserve (Fed) to slowly cut interest rates. This has been a key factor in the recent rise in US bond yields, which has kept the US Dollar (USD) near yearly highs and provided support to the USD/JPY pair.

Trade recommendation: Watch the level of 154.00, trading mainly with Buy orders.

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David Johnson
Analyst of «FreshForex» company
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