USDJPY – Down
Events to pay attention to today:
15:30. USD – Initial Jobless Claims
17:00. USD – Fed Chairman Jerome Powell Testimony
USDJPY:
The Japanese yen (JPY) rose against its U.S. counterpart for the third consecutive day and hit a near four-week high during the Asian session on Thursday. Data released earlier this week showed that the consumer price index (CPI) in Tokyo, Japan’s capital, rebounded from a 22-month low and returned above the Bank of Japan’s (BoJ) target of 2% in February. This, along with speculation that ongoing annual wage negotiations will lead to a sharp increase in wages for the second consecutive year and spur demand-driven inflation, raises the stakes for a BoJ policy change soon and supports the yen.
The US Dollar (USD), on the other hand, is languishing near its lowest level since early February amid uncertainty over the Federal Reserve’s (Fed) rate cut course. This contributes to a further decline in the Dollar-Yen pair below 149.00.
Trading recommendation: Trade with Sell orders from the current price level
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