28 February 2024, USD/JPY
Events to pay attention to today:
15:30 EET. USD - Gross Domestic Product
17:30 EET. USD - EIA Crude Oil Stocks Change
USDJPY:
On Tuesday, the Japanese Yen (JPY) made slight gains against the US dollar following the release of better-than-expected consumer inflation data in Japan. The country's core consumer price index exceeded forecasts, leading to speculation that the Bank of Japan (BoJ) may soon end negative interest rates. This, in turn, provided a boost to the Japanese Yen. However, this rise lacked bullishness as there were expectations that a recession in Japan could force the BoJ to postpone its plans to tighten monetary policy. This helped the USD/JPY pair attract buyers near the psychological 150.00 mark and hold its ground in the Asian session on Wednesday.
Meanwhile, the US Dollar (USD) continues to struggle for significant momentum due to the looming US government shutdown and weak durable goods orders data. However, the downward trend remains subdued as the Federal Reserve (Fed) is expected to wait until its June meeting before cutting interest rates due to still high inflation and a robust US economy. Traders may also wait for the release of the Personal Consumption Expenditure (PCE) price index on Thursday to get an indication of how the Fed will cut rates. This, in turn, limits the potential for the USD/JPY pair to rise and requires caution before taking further long positions.
Trade recommendation: Trade predominantly with Buy orders
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