Yen awaiting new momentum for the move | 03 May 2024

03 May 2024, USD/JPY

Yen awaiting new momentum for the move

Event to pay attention to today:

15:30 GMT+3. USD - Nonfarm Payrolls

USDJPY:

The Japanese yen (JPY) strengthened against its US counterpart for the third consecutive day on Friday, marking the fifth consecutive day of positive movement in the previous six. The yen reached a near three-week high during the Asian session. The speculation that Japanese financial authorities intervened again on Thursday, for the second time in a week, to support the national currency proved to be a key factor in supporting the yen. This, along with the tendency to sell the US dollar (USD) after the FOMC meeting, is exerting downward pressure on the USD/JPY pair.

However, there is growing recognition that the large interest rate differential between Japan and the United States (USD) could limit JPY gains. Furthermore, the prevailing risk-on sentiment reflected in the overall positive tone in equity markets may deter traders from making aggressive bullish bets on the safe-haven JPY and help limit USD/JPY losses. In addition, investors may choose to adopt a more cautious approach ahead of today's release of detailed US employment data, known as the Non-Farm Payrolls (NFP) report.

Trade recommendation: Sell on a rebound from 152.60 level

Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus