28 October 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) fell to a new three-month low against its U.S. counterpart during the Asian session on Monday after Japan's longtime ruling party lost its majority for the first time in 15 years in Sunday's national election. The result has fueled speculation that the coalition government may pressure the Bank of Japan (BoJ) to take its time in normalizing policy, which in turn is weighing heavily on the yen. This, along with the strong bullish tone around the US Dollar (USD), is lifting the USD/JPY pair above the mid 153.00s.
Meanwhile, incoming macroeconomic data from the US continues to point to the continued resilience of the economy and confirms market expectations that the Federal Reserve (Fed) will continue to cut rates throughout the year. In addition, rising odds of Donald Trump winning the presidential election and concerns over the budget deficit following the US election are helping to push US Treasury bond yields higher. This is helping the Dollar Index (DXY) to hold near its highest level since July 30 and suggests that the path of least resistance for the low-yielding Yen remains to the downside.
Trading recommendation: Trade predominantly Buy orders from the current price level.
Connect Drawdown bonus 101% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!
en 
id 
ar 
ru 
vn 
es 
pt 
kz 
ua 
tj 
uz 
az 
ms 