29 October 2024, USD/JPY
An event to watch out for today:
16:00 EET. USD - CB Consumer Confidence
USDJPY:
The Dollar-Yen pair is losing ground to the 152.95 level during the early Asian session on Tuesday. The pair is declining as the U.S. dollar (USD) retreats from the nearly three-month high reached in the previous session. However, the pair's decline may be limited amid uncertainty surrounding the composition of the next government and the Bank of Japan's (BoJ) rate hike plan.
The loss of Japan's ruling coalition in the elections increases political and monetary policy uncertainty and could put pressure on the Japanese yen (JPY). “The ruling LDP and its coalition partner lost their majority in the lower house of parliament, raising concerns about the shape and direction of the next government's policies. Markets have also slightly reduced expectations of Bank of Japan policy tightening (which has helped local equities),” said Scotiabank chief currency strategist Sean Osborne.
The Bank of Japan's interest rate decision will take center stage on Thursday. Nearly 86% of economists polled by Reuters expect Japan's central bank to leave rates unchanged at its October meeting on Thursday.
On Tuesday, Japan's Statistics Bureau released data that the country's unemployment rate fell to 2.4% in September, down from the previous reading and the market consensus forecast of 2.5%
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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