26 November 2024, USD/JPY
Event to pay attention to today:
21:00 EET. USD - FOMC Meeting Minutes
USDJPY:
During Tuesday's Asian session, the Japanese Yen (JPY) saw a modest gain against its US counterpart, though without a notable increase in confidence. It has remained within a familiar range over the past week or so. The slight deterioration in risk sentiment, as evidenced by the weaker tone in equity markets, is providing some support to the safe-haven yen. Nonetheless, the prospect of the Bank of Japan (BoJ) implementing a rate hike at an untimely juncture may continue to impede any substantial appreciation of the yen.
Meanwhile, the appointment of Scott Bessent as US Treasury Secretary provided a brief respite for US bond investors, given expectations of a less accommodative stance from the Federal Reserve (Fed). Indeed, market participants now believe that US President-elect Donald Trump's expansionary policies will result in renewed inflation and force the Fed to gradually lower interest rates. This, in turn, will cause US Treasury yields to rise once more, supporting the US dollar (USD) in closing the weekly bearish gap and providing support to the lower-yielding yen.
Trade recommendation: We follow the level of 154.00, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
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