USDJPY – Down
USDJPY:
The Japanese yen (JPY) continues to rise for the third consecutive session. The USD/JPY pair is losing ground as the US Dollar (USD) is struggling after weaker than expected US job growth data released on Friday.
Japan’s current account surplus extended its growth streak to a 15th month in May. The Finance Ministry said Monday that the current account widened to ¥2,849.9 billion ($17.78 billion) in May, up from ¥2,050.5 billion in the previous month, exceeding market expectations of ¥2,450.0 billion.
U.S. non-farm payrolls (NFP) in June beat market expectations, although the rate of growth was slower than in May. In addition, the unemployment rate rose in June. These developments have sparked speculation among traders that the Federal Reserve (Fed) may begin cutting interest rates sooner rather than later.
According to the CME’s FedWatch tool, markets are pricing in a 70.7% probability of a rate cut in September, up from 64.1% a week earlier.
Trading recommendation: Trade mainly with buy orders at the price level of 160.85. We consider sell orders at the price level of 160.20.
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You may check other analytical reviews on FreshForex website. Source: freshforex.com.
