30 tháng tư 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) demonstrated a robust intraday recovery on Monday, rising by over 550 pips against its US counterpart. This was after it initially fell below the psychological 160.00 mark for the first time since April 1990. Market participants attributed the significant rebound in the Japanese yen to Japanese authorities' intervention, which was the first in 18 months. This occurred amidst relatively low liquidity due to a local public holiday. This, along with the emergence of fresh US Dollar (USD) selling, drove the USD/JPY pair down to a one-week low.
However, the Yen began to lose ground amid expectations that interest rates in Japan will remain low for some time, in contrast to relatively high interest rates in the United States (USD). This, along with the overall positive risk-off tone that tends to undermine the safe-haven yen, helped the USD/JPY pair attract fresh buyers around the mid-154.00s and cut some of its significant intraday losses. This momentum will continue into Tuesday's Asian session, helped by rather unimpressive macroeconomic data from Japan.
Meanwhile, the outcome of the two-day FOMC meeting, scheduled for Wednesday, will continue to be a key focus. Additionally, important macroeconomic data from the US this week, including the closely watched Nonfarm Payrolls (NFP) on Friday, will influence the USD and provide meaningful impetus to USD/JPY.
Trading recommendation: Trading predominantly on Buy from the current price level.
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