29 Tháng hai 2024, USD/JPY
Events to pay attention to today:
15:30 EET. USD - Initial Jobless Claims and Core PCE Price Index
USDJPY:
During Thursday's Asian session, the Japanese Yen (JPY) is experiencing renewed selling pressure and is approaching the upper end of its weekly range against the US dollar. However, additional strength is unlikely. Investor appetite for risky assets has been curbed due to nervousness ahead of crucial US inflation data, as evidenced by the overall weak tone in equity markets. This has contributed to the yen's relative safe-haven status. This, along with speculation that Japanese authorities may intervene in the market to prevent further yen weakness, provides additional support.
However, uncertainty regarding the Bank of Japan's (BoJ) plans to exit ultra-loose monetary policy may discourage bullish bets on the yen. Meanwhile, the US Dollar (USD) continues to be supported by expectations that the Federal Reserve (Fed) will maintain higher interest rates, as indicated by comments from several FOMC officials. This could help limit the decline of the USD/JPY pair. Investors are currently anticipating the release of the US Personal Consumption Expenditure (PCE) price index, which is expected to provide new momentum to the currency pair.
Trade recommendation: Trade mainly with Sell orders
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