03 May 2024, USD/JPY
Event to pay attention to today:
15:30 GMT+3. USD - Nonfarm Payrolls
USDJPY:
The Japanese yen (JPY) strengthened against its US counterpart for the third consecutive day on Friday, marking the fifth consecutive day of positive movement in the previous six. The yen reached a near three-week high during the Asian session. The speculation that Japanese financial authorities intervened again on Thursday, for the second time in a week, to support the national currency proved to be a key factor in supporting the yen. This, along with the tendency to sell the US dollar (USD) after the FOMC meeting, is exerting downward pressure on the USD/JPY pair.
However, there is growing recognition that the large interest rate differential between Japan and the United States (USD) could limit JPY gains. Furthermore, the prevailing risk-on sentiment reflected in the overall positive tone in equity markets may deter traders from making aggressive bullish bets on the safe-haven JPY and help limit USD/JPY losses. In addition, investors may choose to adopt a more cautious approach ahead of today's release of detailed US employment data, known as the Non-Farm Payrolls (NFP) report.
Trade recommendation: Sell on a rebound from 152.60 level
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