๐ก USDJPY : Waiting for recovery
ืืขืืืื
The Bank of Japan has expanded the scope for adjusting short-term interest rates and has increased its inflation target for fiscal year 2024 to 2.8%. This means Japan's inflation will exceed the 2% target for three consecutive years and is closer to achieving sustainable price stability. If the Bank of Japan (BOJ) wants to have a clearer view of wage increases next year before making a decision on adjusting negative interest rates, it may need to postpone this decision until April/ 2024 or even longer.
Regarding developments in the foreign exchange market, we see USD/JPY falling sharply after the release of non-farm payroll data in the US and it is currently running below the 48-hour moving average on the H4 chart. However, it appears the price has found support near 149.00. If inflation in Japan fails to meet expectations, it is likely that the US dollar will continue to recover against the Japanese Yen.
Regarding developments in the foreign exchange market, we see USD/JPY falling sharply after the release of non-farm payroll data in the US and it is currently running below the 48-hour moving average on the H4 chart. However, it appears the price has found support near 149.00. If inflation in Japan fails to meet expectations, it is likely that the US dollar will continue to recover against the Japanese Yen.
ืืขืจื
The downtrend continues in H1 USDJPY when prices create a new low after Nonfarm on Friday. The upper block is a strong downtrend line because there are many bounces. Today's rebound will be a selling opportunity for USDJPY H1 during the day.
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