Waiting for bullish sentiment on the yen | 02 4月 2024

02 4月 2024, USD/JPY

Waiting for bullish sentiment on the yen

Events to pay attention to today:

17:00 EET. USD - JOLTS Job Openings

USDJPY:

The Japanese Yen (JPY) did not take advantage of slight gains against the US dollar during Tuesday's Asian session and remains close to the multi-decade low reached last week. Japanese government officials continued to urge the defence of the nation's currency, which, along with risk-off momentum, provided some support to the safe-haven yen. However, the dovish stance of the Bank of Japan (BoJ) on monetary policy has prevented JPY bulls from making aggressive bets and has kept the possibility of significant upside in check.

Meanwhile, the US Dollar (USD) remains close to its highest level since February 2024, which was reached following favourable US data on Monday. The Institute for Supply Management (ISM) reported that the US manufacturing sector grew in March, marking the first growth since September 2022. This overshadowed Friday's US PCE price index, which indicated a modest rise in inflation in February. As a result, investors have lowered their bets on a June rate cut by the Federal Reserve (Fed). This supports the quid and suggests that the USD/JPY pair is likely to move upwards.

Trading recommendation: Trading predominantly Buy orders from the current price level

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David Johnson
Analyst of «FreshForex» company
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