13 March 2024, USD/JPY
USDJPY:
The Japanese yen is rising against its U.S. counterpart during the Asian session on Wednesday and is moving away from a one-week low hit the previous day. A Bloomberg report indicates that the Bank of Japan (BoJ) is considering a rate hike in March, although the outcome is too close to call and a final decision will be made after officials see the first data from the spring wage talks. This, in turn, is seen as a key factor supporting the Japanese Yen and putting some downward pressure on the USD/JPY pair amid a modest decline in the US Dollar.
Speeches of the Bank of Japan Governor Kazuo Ueda, weakened expectations for an immediate rate hike. The generally positive tone on risks may keep traders from aggressive bullish bets on the safe-haven yen. U.S. consumer inflation data released on Tuesday suggested that the Federal Reserve (Fed) may delay monetary easing. This led to an overnight rise in US Treasury bond yields, which should serve as a tailwind for the dollar and limit losses for the USD/JPY pair.
Trade recommendation: Trade buy orders when reaching from the price of 148.40. Sell at the price level of 147.10
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