25 tháng Ba 2024, USD/JPY
USDJPY:
The USD/JPY pair continues to decline, approaching 151.20 during the Asian session on Monday. This movement followed the publication of the minutes of the Bank of Japan's (BoJ) January policy meeting. BoJ board members recognized that the likelihood of achieving the inflation target, albeit gradually, is increasing. Board members discussed the possibility of taking action if positive wage and inflation trends are confirmed. Some policymakers noted that the risk that inflation will significantly exceed expectations has diminished.
The Japanese yen could receive support from potential currency intervention. Japan's chief currency diplomat Masato Kanda issued a warning, saying he intends to take appropriate measures to counter excessive weakening of the yen without ruling out any intervention.
The U.S. Dollar Index (DXY) is declining despite a rise in U.S. Treasury yields. However, the US dollar rallied sharply after hawkish remarks from Atlanta Federal Reserve Bank President Raphael Bostic on Friday. Bostic revised his earlier forecast of two interest rate cuts this year and now expects only one, citing steady inflation and stronger-than-expected economic data.
Trading recommendation: Trade with buy orders when the price reaches 151.45. Sell at the price level of 151.05.
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