30 August 2024, USD/JPY
USDJPY:
Following the release of Tokyo Consumer Price Index (CPI) data on Friday, the Japanese Yen (JPY) is showing signs of recovery against the US Dollar (USD). The Bank of Japan's (BoJ) hawkish stance on monetary policy is reinforced by rising inflation in Tokyo, which in turn supports the Japanese Yen and exerts downward pressure on the USD/JPY pair.
The Tokyo Consumer Price Index (CPI) increased to 2.6% year-on-year in August, up from 2.2% in July. The core CPI also increased to 1.6% year-on-year in August, up from the previous reading of 1.5%. Furthermore, Japan's unemployment rate saw an unexpected increase to 2.7% in July, above the market estimate and June's 2.5%. This represents the highest rate since August 2023.
The decline in the USD/JPY may be limited as the US dollar maintains its recent gains following the release of stronger-than-expected economic data on Thursday. However, dovish comments from the Federal Reserve may curb further dollar strength.
Trade recommendation: Trading mainly by Buy orders from the current price level.
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