The Japanese yen is falling from the high reached against the U.S. dollar on Wednesday | 28 Noviembre 2024

28 Noviembre 2024, USD/JPY

The Japanese yen is falling from the high reached against the U.S. dollar on Wednesday

USDJPY:

The Japanese Yen (JPY) is slightly lower against its US counterpart during the Asian session and erodes some of the recent strong gains to a five-week high reached the previous day. In the absence of a fresh fundamental catalyst, the JPY's intraday decline is likely to remain limited amid speculation that the Bank of Japan (BoJ) may raise interest rates again in December. Additionally, tariff threats from US President-elect Donald Trump and geopolitical risks could support the safe-haven JPY.

Expectations that Scott Bessent - Trump's nominee for US Treasury Secretary - will rein in the budget deficit have driven the benchmark US 10-year Treasury bond yield to levels not seen in a month.

At the same time, traders cut so-called “Trump trades” following the appointment of Scott Bessent as U.S. Treasury Secretary. Meanwhile, US macroeconomic data released on Wednesday did little to dampen market expectations that the Federal Reserve (Fed) would cut borrowing costs by 25 basis points in December. This led to a further decline in US Treasury bond yields, causing the US dollar (USD) to fall to a two-week low and may favor the low-yielding yen ahead of the release of inflation data in Tokyo on Friday.

Trade recommendation: Trading mainly with Buy orders from the current price level.

Connect Drawdown bonus 101% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.