20 tháng Ba 2024, USD/JPY
An event to watch out for today:
20:00. USD - FOMC key interest rate decision
USDJPY:
The Japanese yen (JPY) extended its downtrend against its U.S. counterpart for the seventh consecutive day and fell to a four-month low during Wednesday's Asian session. The Bank of Japan (BoJ) raised short-term interest rates for the first time since 2007 and abandoned its complicated yield curve control (YCC) policy at the end of its March meeting on Tuesday. Despite the historic move, the central bank said financial conditions would remain accommodative and gave no indication of future steps or pace of policy normalization. This, along with the prevailing risk-on sentiment, continues to undermine the safe-haven yen.
The US Dollar (USD), on the other hand, stands near a two-week high reached on Tuesday amid expectations that the Federal Reserve (Fed) will reaffirm its stance on raising interest rates for an extended period of time amid rising inflation. The hawkish outlook continues to support rising U.S. Treasury yields, widening the differential between U.S. and Japanese rates and putting further downward pressure on the Japanese yen. This, in turn, pushes the USD/JPY pair beyond the round mark of 151.00 and supports the prospects for further strengthening.
Trading recommendation: Trade with Buy orders from the current price level
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