09 April 2024, USD/JPY
USDJPY:
JPY investors remain on guard for the possibility of Japanese authorities intervening to support the local currency, which in turn keeps JPY bears away from new bets. That said, the Bank of Japan's (BoJ) dovish forecast that monetary policy will remain accommodative for some time, as well as the overall positive tone in equity markets continue to undermine the safe-haven JPY.
The US Dollar (USD) continues to receive support from expectations that the Federal Reserve (Fed) may delay interest rate cuts. This suggests that the gap between US and Japanese interest rates will remain wide, which in turn is another factor contributing to the USDJPY pair. However, dollar bulls prefer to wait for more signals on how the Fed will cut rates. Thus, attention will be focused on the release of US consumer inflation data for March and the minutes of the FOMC meeting on Wednesday.
Trading recommendation: Trade with buy orders when the price reaches 152. Sell at the price level of 151.70.
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