31 Tháng bảy 2024, USD/JPY
An event to look out for today:
21:00 GMT+3. USD - FOMC decision on the key interest rate
USDJPY:
The Japanese Yen (JPY) is losing ground against the US Dollar (USD) despite the decision by Bank of Japan (BoJ) board members to raise the target short-term rate by 15 basis points (bps) to 0.15-0.25% after holding rates for two consecutive meetings. In addition, the BOJ decided to reduce Japanese government bond (JGB) purchases to ¥3 trillion per month starting in the first quarter of 2026.
After the Bank of Japan (BoJ) raised its key interest rate and outlined a plan to reduce its bond purchase program at its July policy meeting, Governor Kazuo Ueda spoke at a press conference to explain the reasons for the unexpected move. Bank of Japan (BoJ) Governor Kazuo Ueda said the Bank “deemed it appropriate to adjust the degree of easing from the perspective of sustainably, steadily achieving 2% inflation.”
The U.S. Dollar (USD) faces challenges ahead of the Federal Reserve's (Fed) upcoming interest rate decision scheduled for Wednesday. While the central bank is expected to leave rates unchanged in July, there is a growing expectation of a rate cut in September. This speculation is putting pressure on the US dollar.
Trading recommendation: Trade mainly with buy orders at the price level of 152.55. We consider sell orders at the price level of 152.00.
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