19 Diciembre 2024, USD/JPY
An event to watch out for today:
08:30 EET. JPY - Bank of Japan Interest Rate Decision
15:30 EET. USD - Unemployment Claims
USDJPY:
The Japanese Yen (JPY) will be in focus this Thursday as the Bank of Japan (BoJ) is set to announce its latest policy decision this year. The BoJ is expected to leave the interest rate unchanged, although it may signal a possible rate hike in January. Nevertheless, the risk of an unexpected rate hike today is deterring JPY bears from new bets. In addition, the risk-off momentum - as shown by the sea of red in global stock markets - is providing some support to the safe-haven Yen. Thus, the overnight USD/JPY rally has reached an almost one-month peak.
Meanwhile, the hawkish interest rate cut by the Federal Reserve (Fed) on Wednesday drove long-dated US Treasury bond yields to multi-month highs and should keep the Japanese Yen yields in check. In addition, the US Dollar's rise after the FOMC meeting to its highest level in two years should help limit the downward trend for the USD/JPY pair. Nevertheless, the most important decision of the Bank of Japan is likely to contribute to volatility in the markets, and any hawkish signal may trigger another winding down of the yen trade, which, in turn, will have a strong impact on the currency pair.
Trading recommendation: Trade mainly with Buy orders from the current price level.
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