05 December 2024, USD/JPY
Event to pay attention to today:
15:30 EET. USD - Unemployment Claims
USDJPY:
The Japanese yen is attracting some buyers on Thursday, albeit without bullish conviction.
Rising US bond yields are supporting the US dollar and lending support to the USD/JPY pair.
Traders seem reluctant to make aggressive bets ahead of the release of the US NFP report on Friday.
The Japanese Yen (JPY) rises against its US counterpart during the Asian session on Thursday and moves away from the weekly low reached the previous day. Signs that Japan's core inflation is picking up continue to fuel expectations that the Bank of Japan (BoJ) will raise interest rates again in December. In addition, persistent geopolitical risks, trade war fears and an overnight decline in US Treasury yields are contributing to the yen's gains.
Meanwhile, Wednesday's remarks from a number of influential FOMC members, including Federal Reserve (Fed) Chairman Jerome Powell, served as a tailwind for US bond yields and the US dollar (USD). This, along with the prevalence of risk sentiment, may curb significant strength in the safe-haven Yen and provide some support to the USD/JPY pair. Traders may also refrain from aggressive directional bets ahead of the release of the US Non-Farm Payrolls (NFP) report on Friday.
Trade recommendation: Watch the level of 150.00, when fixing above consider Buy positions, when rebounding consider Sell positions.
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