24 October 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) saw fluctuations against its US counterpart during the Asian session on Thursday, with a decline to its lowest level since 31 July. Meanwhile, the near-term outlook is unfavorable for the Japanese yen amid uncertainty surrounding the Japanese election, raising doubts about the Bank of Japan's (BoJ) ability to continue raising interest rates this year.
Furthermore, the recent increase in US Treasury yields, driven by expectations of a less aggressive monetary policy from the Federal Reserve (Fed) and concerns over the budget deficit following the US election, should limit the appreciation of the low-yielding yen. Additionally, the strong bullish sentiment surrounding the US dollar (USD) indicates that the USD/JPY pair is still likely to appreciate.
Trade recommendation: Trading predominantly Sell orders from the current price level.
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