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Continued growth of JPY

Continued growth of JPY | 30 January 2024

30 January 2024, USD/JPY

Continued growth of JPY

Event to watch out for today:

17:00. USD - Consumer Confidence Indicator

USDJPY:

The Japanese Yen (JPY) gained positive momentum for the second consecutive day against its US counterpart on Tuesday, taking the Dollar-Yen pair to 147.25 during the Asian session. President Joe Biden is expected to authorise US military action in the Middle East in response to a drone attack by pro-Iranian militias near the Jordan-Syria border that killed three US soldiers. This raises the risk of further escalation of geopolitical tensions, which in turn favours the Yen's relative safe haven status.

The US Dollar (USD) was weakened by the overnight sharp decline in US Treasury yields and is another factor contributing to the favourable backdrop around the USDJPY pair. Traders, however, may refrain from aggressive directional bets and will prefer to wait for more signals on when the Federal Reserve (Fed) will start cutting interest rates.

Trading recommendation: Trade Sell orders from the current price level

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David Johnson
Analyst of «FreshForex» company
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