USDJPY: BUY 142.80, SL 142.40, TP 143.80 | 01 May 2025

Event to watch out for today:

15:30 EET. USD - Quarterly GDP Change in the United States

USDJPY:

The Japanese yen (JPY) fails to make meaningful gains on Wednesday and fluctuates in a narrow trading range against its US counterpart during the Asian session amid mixed cues. US President Donald Trump signed an executive order easing the impact of new tariffs on the auto industry. Signs of new trade deals continue to support a positive risk sentiment. In addition, disappointing domestic data are proving to be key factors holding back the safe-haven yen.

However, traders seem reluctant to make aggressive bets and prefer to wait for the outcome of the crucial two-day Bank of Japan (BoJ) meeting, which starts today. The BoJ will announce its decision on Thursday and interest rates are expected to remain unchanged amid heightened risks to the fragile economy from US tariffs. Nevertheless, signs of rising inflation in Japan leave the door open for further BOJ policy normalisation, which could continue to serve as a tailwind for the Yen.

Trading recommendation: BUY 142.80, SL 142.40, TP 143.80

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