21 November 2024, USD/JPY
Event to watch out for today:
15:30 EET. USD - Unemployment Claims
USDJPY:
The Japanese yen (JPY) rises against its US counterpart during the Asian session on Thursday and takes the USD/JPY pair away from the weekly top reached the previous day. However, significant JPY strength seems elusive amid uncertainty surrounding the pace and timing of further interest rate hikes by the Bank of Japan (BoJ). Added to this, the overall positive tone on risks should help limit the safe-haven yen's appreciation.
Meanwhile, expectations that the Federal Reserve (Fed) may slow the pace of rate cuts amid concerns that US President-elect Trump's proposed policies could lead to a resurgence in inflation continue to support US Treasury yields. This will help the US Dollar (USD) to hold near its yearly peak and limit losses in the USD/JPY pair. Traders may also prefer to wait for the publication of the Japanese Core Consumer Price Index (CPI) on Friday.
Trading recommendation: Watch the level of 155.00, if the pair holds below, consider Sell positions, if the pair rebounds, consider Buy positions.
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