15 3月 2024, USD/JPY
Events to pay attention to today:
17:00 EET. USD - Michigan Consumer Sentiment
USDJPY:
The Japanese Yen (JPY) extended its downtrend against the US Dollar for a fourth consecutive day on Friday, falling to a one-week low during the Asian session. Diminished chances of an imminent change in Bank of Japan (BoJ) policy proved to be a key factor undermining the JPY. Indeed, BoJ Governor Kazuo Ueda gave a slightly gloomier assessment of the economy earlier in the week, dashing hopes of a rate hike next week.
On the contrary, better-than-expected US Producer Price Index (PPI) data fuelled speculation that the Federal Reserve (Fed) would reaffirm its stance of raising interest rates for an extended period of time to bring down still fragile inflation. This, in turn, provided a tailwind for the US Dollar (USD) and further supported the USD/JPY pair. This has largely overshadowed the risk-off momentum and has done little to reinforce the JPY's safe-haven status or limit the pair's upside.
Meanwhile, the results of Japan's spring wage negotiations showed that most companies agreed to union demands for wage increases, which should allow the Bank of Japan to exit negative interest rates in the coming months. Thus, it remains to be seen whether the bulls will be able to capitalise on the upside or opt to wait it out ahead of next week's key central bank risk events: the Bank of Japan's policy decision on Tuesday and the outcome of the two-day FOMC meeting on Wednesday.
Trade recommendation: Trade in the price range 148.00-148.60
FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes
en 
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 
