07 June 2024, USD/JPY
An event to look out for today:
15:30 GMT+3. USD - Change in the number of employed in the non-agricultural sector
USDJPY:
The Japanese Yen (JPY) is under pressure, the reason could be due to information about the decline in Japan's foreign exchange reserves released by the Ministry of Finance for May. Foreign exchange reserves fell significantly to $1,231 billion in May from $1,279 billion, the lowest since February 2023, as the government conducted currency intervention operations to defend the Japanese yen.
Japan's Finance Minister Shunichi Suzuki said Friday he would take measures against excessive currency volatility if necessary and evaluate the effectiveness of the interventions. Suzuki emphasized the importance of maintaining market confidence in public finances, noting that there is no limit on funds for currency intervention, Reuters reported.
The US dollar (USD) struggled as a drop in United States (US) jobs data fueled hopes of two interest rate cuts by the US Federal Reserve (Fed) in 2024. A Reuters poll conducted between May 31 and June 5 showed that nearly two-thirds of economists now predict an interest rate cut in September. In addition, according to CME FedWatch Tool data, the probability of a Fed rate cut of at least 25 basis points in September rose to nearly 70.0%, up from 51.0% a week earlier.
Trading recommendation: Trade mainly with buy orders at the price level of 155.70. We consider sell orders at the price level of 155.08.
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