06 November 2024, USD/JPY
USDJPY:
The Japanese yen reached a two-week high against the US dollar during the Asian session on Wednesday, following the release of minutes from the Bank of Japan (BoJ) meeting. The minutes indicated that the central bank plans to maintain its current pace of interest rate hikes, contingent on the accuracy of its economic and price forecasts. However, investors are of the opinion that the current political situation in Japan may present challenges for the BoJ in pursuing further monetary policy tightening. Furthermore, the prevailing positive sentiment towards risk is having an adverse effect on the safe-haven yen.
This, coupled with the surge in US dollar (USD) buying activity, driven by early polls indicating a potential victory for former President Donald Trump, led to a notable intraday recovery of approximately 150 pips in the USD/JPY pair. As the poll results are released to the media, the markets are expected to react in one way or another. This has prompted some more risk-averse traders to exercise caution before positioning the currency pair in a firm direction for the near term.
Trade recommendation: Trading mainly by Buy orders from the current price level.
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