06 December 2024, USD/JPY
Event to pay attention to today:
15:30 EET. USD - Unemployment Rate
USDJPY:
The Japanese yen continues to consolidate price movement amid fluctuating expectations of a Bank of Japan rate hike.
A softer tone of risk sentiment, trade war fears and geopolitical risks may support the safe-haven Japanese Yen.
Moderate dollar growth could be a tailwind for the USD/JPY pair ahead of the US NFP report.
The Japanese Yen (JPY) cannot consolidate the previous day's modest gains and fluctuated in a narrow range against its US counterpart during the Asian session on Friday. At the same time, the near-term trends are leaning in favor of the yen bulls amid the Bank of Japan (BoJ) taking a tougher stance. In fact, the BoJ continues to raise interest rates while other major central banks, including the U.S. Federal Reserve (Fed), continue to lower borrowing costs.
In addition, a slight deterioration in global risk sentiment, ongoing geopolitical tensions and trade war fears continue to support the safe-haven yen. Meanwhile, the recent decline in US Treasury bond yields has kept the dollar (USD) near multi-week lows and further supported the yen. Nevertheless, traders prefer to wait for the US Non-Farm Payrolls (NFP) report to get signals on the prospects of a Fed rate cut before making new directional bets on the USD/JPY pair.
Trade recommendation: Watching the level of 150.00, trading mainly with Buy orders.
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