24 December 2024, USD/JPY
USDJPY:
On Tuesday, the Japanese yen (JPY) continued to decline in relative performance against the U.S. dollar for the second consecutive day, remaining near the multi-month low reached last week. The Bank of Japan (BoJ) last week indicated a possible delay in the next rate increase, while the Federal Reserve (Fed) signalled a more gradual pace of monetary policy easing next year. This has led to a moderation of expectations regarding a significant narrowing of the rate differential between the US and Japan, which is a key factor contributing to the weakening of the yen.
Equity markets have maintained a positive tone, which has led to a further decline in demand for the yen, which has remained virtually unchanged since the publication of the minutes of the October Bank of Japan meeting. This, along with a bullish US Dollar (USD) supported by the Fed's hawkish stance, contributed to the USD/JPY pair maintaining a position above 157.00 during the Asian trading session. However, the latest inflation data from Japan has created the possibility of a BoJ rate hike in January or March. This could potentially deter those who are bearish on the JPY from making aggressive bets.
Trade recommendation: We follow the level of 157.00, if it is fixed above we consider Buy positions, if it bounces back we consider Sell positions.
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