USDJPY – Down
An event to look out for today:
15:30 GMT+3. USD – Change in retail trade volume
USDJPY:
The Japanese Yen (JPY) came under renewed selling pressure on Monday and fell to a new multi-decade low against its US counterpart during the Asian session. The Bank of Japan’s (BoJ) cautious approach and the uncertain outlook for future rate hikes proved to be the key factor that continues to undermine the Yen. Bearish traders remain vigilant and refrain from aggressive bets amid recent warnings of Japanese authorities showing willingness to intervene in the market to support the national currency.
The US Dollar (USD) is holding near its highest level since early November and remains supported by expectations that the Federal Reserve (Fed) may delay interest rate cuts. The Fed’s hawkish expectations, meanwhile, suggest that the rate differential between the US and Japan will remain significant for some time and support the prospects for further USD/JPY strength in the near term.
Trade recommendation: Trade mainly with Buy orders from the current price level
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