USDJPY – Down
USDJPY:
The Japanese yen against the dollar holds above the 150.00 mark in the first hours of Asian trading. The pair is rising during the day thanks to renewed demand for the US dollar. The USD/JPY pair is currently trading near 150.32, up 0.12% for the day.
In Japan, inflation for the year has surpassed the 2% target, with the Bank of Japan (BoJ) raising the need for negative interest rates. BoJ Governor Kazuo Ueda said on Friday that the central bank will consider maintaining various easing measures, including a negative interest rate, when it becomes possible to achieve the target price level in a sustained and stable manner.
Federal Reserve (Fed) Chairman Jerome Powell has abandoned expectations of an interest rate cut, with investors expecting the first 25 basis points (bps) rate cut in 2024 as early as June. Wednesday’s FOMC meeting minutes may provide some hints on further monetary policy, given recent signs of unsustainable inflationary pressures.
Trade recommendation: At the price level above 150.55 we consider buy orders
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