23 October 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) has continued to depreciate against the US dollar, reaching a new low since 31 July at around 151.75 during the Asian session on Wednesday. The recent decline in the Japanese yen since the beginning of this month has been driven by uncertainty over the Bank of Japan's (BoJ) ability to continue raising interest rates this year. In response, Japanese officials have issued a verbal warning of possible government intervention, though this has had little impact on the yen's performance. Despite the risk-off sentiment and geopolitical tensions in the Middle East, the safe-haven yen did not receive any support.
Meanwhile, the recent rise in US Treasury bond yields to a three-month high is indicative of further yen depreciation in the near term. Furthermore, the US dollar's sustained ascent to its highest level since early August, driven by expectations that the Federal Reserve will reduce rates at a gradual pace, indicates that the USD/JPY pair's trajectory remains biased towards appreciation. However, traders may choose to adopt a more cautious approach and await the release of Tokyo consumer inflation data on Friday, which may provide further insight into the Bank of Japan's plans to raise rates.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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