USD/JPY pokes 24-year high around 145.50 despite off in Japan, US – by anilpanchal7 USDJPY YieldCurve BOJ Fed RiskAppetite
gains could be linked to the US dollar’s broad upside even as the holiday in Japan and the US challenge the momentum traders.
That said, the US Dollar Index rose during the last three days while reversing the previous weekly pullback from the 20-year high as markets priced in the 75 basis points of a rate hike from the Fed. Behind the hawkish Fed bets could be the firmer US jobs report and upbeat comments from the policymakers that suggest further rate increases before the pause. rose to 265K versus the 250K expected. Also adding strength to the greenback gauge was an unexpected fall in the Unemployment Rate to 3.
It should be noted that the Bank of Japan’s frequent bond-buying fails to challenge the USD/JPY sellers as the Japanese central bank continues to defend the easy money policy, contrary to the hawkish Fedspeak. Moving on, today’s holiday in the US and Japan could offer limited momentum to the USD/JPY buyers but the upside moves are likely to prevail amid the market’s rush toward risk safety. Even so, Wednesday’s Federal Open Market Committee Minutes and Thursday’s US Consumer Price Index will be crucial for short-term directions.A two-week-old ascending trend line joins the recent multi-year top to highlight the 145.90-95 as the key hurdle for the USD/JPY bulls to watch.
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