23 July 2024, USD/JPY
Event to watch out for today:
17:00 GMT+3. USD - Existing Home Sales
USDJPY:
The Japanese Yen (JPY) continues to rise for the second consecutive session on Tuesday, which could be due to increased risk aversion. Traders are evaluating next week's Bank of Japan (BoJ) interest rate decision, where an interest rate hike could support the Japanese Yen.
Toshimitsu Motegi, a senior ruling party official, called on the Bank of Japan (BoJ) to more clearly outline its plan to normalize monetary policy by gradually raising interest rates, stressing that the yen's excessive fall is hurting the economy, according to Reuters. Prime Minister Fumio Kishida added that normalizing the central bank's monetary policy will support Japan's transition to a growth-oriented economy.
The USD/JPY pair is facing challenges as the U.S. dollar (USD) is struggling due to growing expectations of a Federal Reserve (Fed) rate cut in September. Federal Reserve (Fed) Chairman Jerome Powell noted that he is increasingly hopeful of progress on inflation in recent months. Meanwhile, Fed Chairman Christopher Waller said that the time for a discount rate cut is approaching.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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