21 May 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) lost ground for the fourth consecutive session on Tuesday, driven by a significant interest rate differential between Japan and the United States. Market sentiment has emerged that the Bank of Japan (BoJ) may raise interest rates sooner than expected amid a weak yen.
Japanese Finance Minister Shunichi Suzuki expressed concern about the negative effects of a weak Japanese yen. Suzuki also said that market discussions are centered on long-term rates as they rise, focusing on Japan's related sovereign debt policy. It is hoped that the rate of wage increases will exceed the rate of inflation. He stated that he is closely monitoring currency movements.
The US Dollar (USD) is trading steady as no important economic data was released in the US. A rise in US Treasury bond yields supported the dollar. The US Federal Reserve (Fed) remains cautious about inflation and the possibility of rate cuts in 2024.
Trading recommendation: Watch the level of 156.50, if the level rebounds, take Sell positions. If the level strengthens above, take Buy positions.
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