10 July 2024, USD/JPY
Event to pay attention to today:
17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks
USDJPY:
The Japanese yen (JPY) depreciated for the third consecutive session on Wednesday. The growth of the USD/JPY pair is driven by the strengthening of the US dollar (USD), which gained strength after Federal Reserve Chairman Jerome Powell's speech before the US Congress on Tuesday. Mr. Powell highlighted an improvement in inflation figures but reiterated the Fed's cautious approach.
The Bank of Japan (BoJ) may raise interest rates at its July meeting and announce plans to reduce bond purchases. On Tuesday, Japan's Finance Minister Shun'ichi Suzuki underscored the significance of maintaining fiscal discipline to enhance confidence in the country's long-term fiscal health. Furthermore, Suzuki stated that he is closely monitoring the discussions at the Bank of Japan's meeting regarding the bond market, as reported by Reuters.
Market participants are awaiting several key developments in financial markets. These include the second semi-annual speech by Fed Chairman Jerome Powell, speeches by Fed officials Michelle Bowman and Austan Goolsbee, and the release of U.S. consumer price index (CPI) data scheduled for Thursday.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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