06 Marzo 2024, USD/JPY
Events to pay attention to today:
15:15. USD - ADP Employment Change
17:00. USD - Fed Chairman Jerome Powell Testimony
USDJPY:
The Japanese yen (JPY) enjoyed some positive momentum and broke a two-day losing streak against its US counterpart on Tuesday, although the momentum lacked a strong continuation. The rise in consumer prices in Tokyo, Japan's capital, comes amid speculation that another substantial round of wage increases by Japanese companies could spur consumer spending and demand-driven inflation. This keeps the door open for a Bank of Japan (BoJ) policy change soon, which, along with an overnight drop in US stock markets, provided a nice lift for the safe-haven yen.
Downside remains subdued amid weak demand for the US Dollar (USD), undermined by disappointing macroeconomic data from the US on Tuesday. The focus remains on Fed Chairman Jerome Powell's two-day address to Congress, which begins this Wednesday at 17:00 EET.
Trading recommendation: Watch the level of 150.00, get Sell orders on the rebound
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