25 tháng tư 2024, USD/JPY
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
USDJPY:
The Dollar-Yen pair has broken out of a prolonged consolidation. The Japanese Yen (JPY) continues to weaken below the psychological 155.00 mark and falls to its lowest level since June 1990 against its US counterpart during the Asian session on Thursday. The large interest rate differential between Japan and the United States (U.S.) is seen as a key factor that continues to undermine the yen. However, the move raises the risk of potential intervention from the Japanese authorities, which in turn could keep JPY bears away from new rates.
Japan's central bank is expected to leave policy parameters and bond purchases unchanged after raising interest rates for the first time since 2007 in March. In contrast, investors seem convinced that the Federal Reserve (Fed) may delay interest rate cuts due to persistent inflation, which continues to push up US Treasury yields and serve as a tailwind for the US Dollar (USD). This, in turn, suggests that the path of least resistance for the USD/JPY pair remains upward.
Trading recommendation: Trade predominantly on Buy from the current price level.
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