18 March 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) remained in negative territory for the fifth consecutive day on Monday and slipped below 149.00 during the Asian session, hitting a one-week low against the U.S. currency. Bank of Japan (BoJ) Governor Kazuo Ueda gave a slightly gloomier assessment of the economy last week. This, along with weak equipment orders data from Japan and headlines that the BoJ will conduct an unscheduled bond operation this week, is undermining the yen.
Traders seem reluctant to make aggressive directional bets ahead of key central bank events this week - the BOJ decision on Tuesday and then the FOMC policy update on Wednesday. This, in turn, is causing USD/JPY bulls to be somewhat cautious and not rush into positioning for further appreciation. Nevertheless, the fundamental backdrop indicates that the path of least resistance for spot prices remains to the upside and any corrective movement is likely to be bought.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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