12 Febrero 2024, USD/JPY
USDJPY:
The Japanese Yen (JPY) remains in a sideways consolidation on the first day of the new week and is close to the lowest level since 23 November against the US dollar. Bullish sentiment in global equity markets and recent dovish remarks from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida continue to weaken the safe-haven Yen. However, investors appear to believe that the BoJ will eventually abandon its ultra-soft monetary policy after the annual wage talks in March. Furthermore, low liquidity during Japan's National Fund Day holiday is deterring bears from making new JPY bets.
Meanwhile, the US Dollar (USD) continues to struggle to gain momentum due to uncertainty over the Federal Reserve's (Fed) interest rate cuts. As a result, the USD/JPY pair showed limited range-bound price action during Monday's Asian session. Traders may also choose to wait for the release of significant US consumer inflation data on Tuesday, followed by monthly retail sales and producer price index (PPI) data on Thursday and Friday, respectively. This data will provide insight into the Fed's rate cut strategy, which will play a crucial role in influencing USD price dynamics and determining the currency pair's near-term trajectory.
Trade recommendation: Trading in the price range 149.00-149.80
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