USDJPY – Down
USDJPY:
The USD/JPY pair concluded Wednesday’s session with a marginal gain of 0.14 per cent, following a decline to a daily low of 160.77. This was driven by an increase in the number of bets among traders that the Federal Reserve may cut rates in 2024, in response to the release of discouraging data during the day. The current trading price is 161.62.
The Bank of Japan’s monetary policy remains highly accommodative, and the significant differential in interest rates between the yen and other major currencies is eroding the Japanese yen’s resilience and causing it to decline against the broader markets. Despite a steady stream of cautionary statements from Japanese policymakers, the yen’s momentum remains one-sided.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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