USD/JPY awaiting US data | 02 February 2024

02 February 2024, USD/JPY

USD/JPY awaiting US data

Event to watch out for today:

15:30. USD - Non-Farm Payrolls

USDJPY:

The Japanese yen remains near the two-week high reached against the US dollar on Thursday. Traders now seem reluctant to make aggressive directional bets and prefer to wait for the release of the closely watched monthly US employment data, known as the Non-Farm Payrolls (NFP) report, today at 15:30.

The Bank of Japan's (BoJ) tight stance has strengthened the Japanese Yen (JPY), gaining support amid geopolitical tensions in the Middle East. Escalating tensions have prompted investors to seek a safe haven in the Japanese Yen. For the week ended 26 January, foreign investment in bonds in Japan recorded an inflow of 382.9 billion yen, a marked increase from the outflow of 43.5 billion yen in the previous week. In addition, foreign investment in Japanese equities increased in the same week, rising to 720.3bn yen, up from 287bn yen in the previous week.

Trading recommendation: Trade in the channel 146.00 - 147.10 on bounces from the levels.

Important macroeconomic news is coming out today, you can take advantage of it! Connect 101% drawdown bonus and trade with double deposit! Bonus funds will help to increase profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
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