USD/JPY refreshes weekly high amid modest USD strength, lacks bullish conviction – by hareshmenghani USDJPY Fed Bonds BOJ Currencies
an session. The uptick, however, lacks bullish conviction and runs the risk of fizzling out rather quickly.
The US Dollar attracts some dip-buying and moves away from a seven-month low touched on Tuesday, which, in turn, is seen lending some support to the USD/JPY pair. Apart from this, a generally positive tone around the equity markets undermines the safe-haven Japanese Yen and provides a modest lift to the major.
Friday’s mixed jobs report from the United States showed a slowdown in wage growth and pointed to signs of easing inflationary pressures. Furthermore, business activity in the US services sector hit the worst level since 2009, suggesting that the effect of the Fed's large rate hikes in 2022 is being felt in the economy.
Apart from this, speculations that the Bank of Japan will eventually phase out its ultra-loose monetary policy settings might further contribute to capping the USD/JPY pair. Traders might also refrain from placing directional bets and prefer to move to the sidelines ahead of the release of the US consumer inflation figures on Thursday.
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