21 February 2024, USD/JPY
Event to watch out for today:
21:00 USD - FOMC Minutes
USDJPY:
The Japanese Yen (JPY) continues its sideways price consolidation in the Asian session on Wednesday and remains in a weekly range against its US counterpart. The recent dip below the psychological 150.00 mark, along with the cautious market sentiment, supports the safe-haven Yen. Meanwhile, expectations that the Federal Reserve (Fed) will start cutting interest rates in the coming months are keeping US Dollar (USD) bulls on the defensive near the two-week low reached on Tuesday and contributing to the USD/JPY pair's further decline.
Meanwhile, the recession in Japan has increased uncertainty over the likely timing of the Bank of Japan's (BoJ) exit from its negative interest rate policy. In addition, optimism that additional stimulus from China could boost global growth has kept traders from bullish bets on the Japanese yen and helped limit the USD/JPY pair's decline. In addition, investors are choosing to wait on the sidelines ahead of the release of the FOMC meeting minutes later in the North American session, in which they will be looking for clues as to the Fed's rate cut path. This, in turn, will have an impact on the US dollar and will give a new impetus to the currency pair.
Trading recommendation: Watch the level of 150.00, and if it is broken, take Sell positions
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