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Bank of Japan tries again to save the yen

Bank of Japan tries again to save the yen | 12 July 2024

12 July 2024, USD/JPY

Bank of Japan tries again to save the yen

Event to watch out for today:

15:30 GMT+3. USD - Producer Price Index

17:00 GMT+3. USD - Consumer Sentiment Index from the University of Michigan

USDJPY:

The Japanese Yen (JPY) is losing ground amid a stronger US Dollar (USD), helped by a rise in Treasury yields. However, JPY volatility is expected to persist amid speculation of Japanese intervention following weaker than expected US Consumer Price Index (CPI) data.

Confirmation of any intervention will only come after Japan's Ministry of Finance releases updated intervention data later in the month.

Japan's Chief Cabinet Secretary Yoshimasa Hayashi said he is prepared to use all available measures against forex. Hayashi noted that the Bank of Japan (BoJ) will determine the specifics of monetary policy. He expects the BoJ to apply appropriate measures to sustainably and steadily achieve the 2% price target, Reuters reported on Friday.

The Bank of Japan (BoJ) may raise interest rates at its upcoming July meeting. This expectation has supported the Japanese Yen, contributing to the decline in the USD/JPY pair.

Trading recommendation: Trade predominantly with Sell orders from the current price level.

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David Johnson
Analyst of «FreshForex» company
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