09 August 2024, USD/JPY
USDJPY:
The Japanese Yen (JPY) is declining against the US Dollar (USD) today. Traders are keeping a close eye on the outlook for Japan's monetary policy as central bank officials said they are ready to raise rates further, although they have become more cautious due to increased market volatility.
Japan's Finance Minister Shunichi Suzuki emphasized on Thursday that monetary policy decisions are within the Bank of Japan's purview, but they continue to keep a close eye on market developments, as reported by Reuters.
The U.S. dollar is facing challenges amid growing expectations that the Federal Reserve (Fed) may go for a rate cut in September. Traders are assessing mixed signals from the U.S. economy, trying to determine whether it will experience a soft landing or slip into recession. The CME FedWatch tool shows that markets now fully expect the Fed to cut the Fed interest rate by 25 basis points in September.
Trading recommendation: Trade predominantly with Sell orders from the current price level
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