USDJPY: SELL 142.30, SL 143.70, TP 139.70 | 17 Abril 2025

Event to pay attention to today:

15:30 EET. USD - Retail Sales

20:30 EET. USD - Federal Reserve Chairman Jerome Powell Speaks

USDJPY:

The Japanese Yen (JPY) is recovering after a slight decline the previous day as trade-related uncertainty keeps investors on edge and continues to support traditional safe-haven assets. Adding to this is the data released today that Japan's core machinery orders rose sharply in February and beat market expectations. This, as well as hopes that Japan may strike a trade deal with the US and growing confidence that the Bank of Japan (BoJ) will continue to raise interest rates into 2025, have proved to be other factors supporting the Japanese yen.

Meanwhile, the BoJ's hawkish expectations are strongly at odds with rising bets for more aggressive policy easing by the Federal Reserve (Fed). This would further narrow the rate differential between Japan and the US, which in turn would support prospects for further gains in the low-yielding Yen. The US Dollar (USD), on the other hand, is languishing near multi-year lows amid concerns that the Trump administration's trade policies will hinder US economic growth. This has kept the USD/JPY pair near the more than six-month low reached last week.

Trade recommendation: SELL 142.30, SL 143.70, TP 139.70

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