16 August 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - Building Permits
USDJPY:
The Japanese Yen (JPY) bounced back against the US Dollar (USD) on Friday, possibly due to Japan's recent second quarter GDP growth, which supports the possibility of a Bank of Japan (BoJ) interest rate hike in the near future.
However, the Yen could face challenges from political uncertainty in Japan due to reports that Prime Minister Fumio Kishida will not seek re-election as party leader in September, effectively ending his term as Prime Minister.
The USD/JPY pair is declining as the US dollar loses ground amid lower Treasury yields. In addition, traders are fully pricing in the likelihood of a 25 basis point rate cut by the US Federal Reserve in September, according to the CME FedWatch tool.
However, the dollar received support as recent better-than-expected US economic data eased market fears of a US recession. In addition, later in the North American session, preliminary data on Michigan consumer sentiment index for August and building permits for July will be released.
Trading recommendation: Trade predominantly with Sell orders from the current price level
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