19 July 2024, USD/JPY
USDJPY:
Following the release of the latest inflation data on Friday, the Japanese Yen (JPY) has remained stable. The Japanese national consumer price index (CPI) for June remained unchanged at 2.8%, matching the previous month's reading and remaining at its highest level since February. Meanwhile, the core CPI increased to 2.6%, representing a slight rise from the previous reading of 2.5%. However, this figure remains below the consensus forecast of 2.7%.
Japan's 10-year government bond yield is currently trading at around 1.04%, having recovered from three-week lows. The recovery followed an announcement by Digital Minister Kono Taro in an interview with Bloomberg that the Bank of Japan (BoJ) is expected to raise interest rates again in July to support the yen. Furthermore, the Bank of Japan is anticipated to disclose its strategy for reducing bond purchases this month.
The USD/JPY pair saw a 4% decline from its 38-year high of 161.95 in July. Analysts believe that this decline can be attributed to intervention by Japanese authorities. It is anticipated that traders will remain vigilant with regard to the possibility of further interventions.
The US dollar is receiving support from a slight increase in US Treasury bond yields. However, the potential for dollar gains may be constrained by the release of soft labour market data, which is likely to reinforce market expectations of a September rate cut decision by the Federal Reserve (Fed).
Trade recommendation: We follow the level of 158.00, when fixing above it we take Buy positions, when rebounding we take Sell positions.
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