12 December 2024, USD/JPY
Event to pay attention to today:
15:30 EET. USD - Unemployment Claims
USDJPY:
The Japanese Yen (JPY) saw a positive shift in momentum during the Asian session on Thursday, with the USD/JPY pair reaching a two-week high after a three-day winning streak. The yen is receiving support from a moderate weakening of the US dollar (USD), driven by growing expectations that the Federal Reserve (Fed) will cut interest rates next week. Furthermore, the strength of the JPY intraday is not driven by any obvious fundamental catalyst and is likely to be limited amid fading hopes of another Bank of Japan (BoJ) interest rate hike in December.
Furthermore, the recent increase in US Treasury yields and the prevailing risk-on sentiment should help limit the safe-haven yen. Nevertheless, those betting against the Japanese yen may refrain from making aggressive bets and prefer to wait for the Bank of Japan's final policy meeting of the year next week. This, along with geopolitical risks and uncertainty surrounding US President-elect Donald Trump's policies, may provide some support for the safe-haven yen. Meanwhile, the mixed fundamental backdrop warrants caution before claiming that the USD/JPY pair has topped.
Trade recommendation: We follow the level of 152.50, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
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