13 August 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Producer Price Index
USDJPY:
The Japanese yen (JPY) continues to lose ground against the US dollar (USD) on Tuesday. Safe-haven currency flows may limit the yen's decline, which could be linked to rising geopolitical tensions in the Middle East.
A special session of the Japanese parliament is scheduled for August 23 to discuss the Bank of Japan's (BoJ) decision to raise interest rates last month. Bank of Japan Governor Kazuo Ueda is expected to be invited to the session, organized by the lower house's financial affairs committee, government sources reported citing Reuters.
The USD/JPY pair is gaining support amid easing pressure on the U.S. dollar due to lower expectations of a 50 basis point interest rate cut by the U.S. Federal Reserve (Fed) in September. According to the CME FedWatch Tool, the probability of a 50 basis point (bps) rate cut in September fell to 50% from 85% last week. Nevertheless, the betting markets continue to rate the probability of a rate cut at the upcoming meeting at least 25 bps at 100%.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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