18 Oktober 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) gained against its US counterpart during the Asian session on Friday and so far appears to have broken a two-day losing streak, hitting its lowest level since early August the previous day. The yen has strengthened slightly in response to verbal intervention from Japanese authorities and stronger inflation data from the country, which gives the Bank of Japan (BoJ) an opportunity to raise interest rates.
However, investors seem convinced that the BoJ will not raise interest rates this year amid uncertainty over the new political leadership's monetary policy preferences and ahead of the October 27 general election. This, along with positive risk sentiment, should curb significant JPY appreciation amid strong bullish sentiment around the US Dollar (USD)
Japan's Deputy Finance Minister for International Affairs, or chief currency diplomat, Atsushi Mimura noted this Friday that the recent movements of the Japanese Yen are somewhat rapid and one-sided, and that excessive volatility in the currency market is undesirable.
Moreover, a Japanese government official said that it is important that currencies move in a stable manner reflecting fundamentals and that the authorities are closely monitoring currency market movements, including speculative ones.
Markets, meanwhile, reacted weakly to macroeconomic data from China, which showed that the country's economy grew by 0.9% in the third quarter of 2024 and annualized growth rate of 4.6%, with retail sales and industrial production beating forecasts.
Trade recommendation: Watch the level of 149.70, if it is fixed below Consider Sell positions, if it bounces back consider Buy positions.
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