08 August 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Unemployment Claims
USDJPY:
The Japanese Yen (JPY) continues to lose ground against the US Dollar (USD) on Thursday after correcting intraday gains. This decline can be attributed to comments from Bank of Japan (BoJ) Deputy Governor Shinichi Uchida, who said on Wednesday: "We will not raise rates when markets are unstable," according to Reuters.
A summary of the BoJ's views from its monetary policy meeting on July 30 and July 31 showed that economic activity and prices are developing in line with BoJ expectations, according to several members. Bank of Japan members set a neutral rate at "at least around 1%" as a medium-term target.
The safe-haven yen's decline may be limited due to increased risk-off sentiment amid rising tensions in the Middle East. According to two US intelligence officials, Iran and its allies are preparing for possible retaliation against Israel following Tehran's recent assassinations of a top Iranian Hezbollah military commander in Lebanon and a senior Hamas leader, CNN reported.
The U.S. dollar (USD) is facing challenges as traders expect a deeper rate cut by the U.S. Federal Reserve (Fed) in September. According to the CME FedWatch tool, the probability of a 50 basis point (bps) Fed interest rate cut in September is 72.0%, up from 11.8% a week earlier.
Trading recommendation: Trade mainly with Buy orders from the current price level.
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