USDJPY: Bears start to counterattack
The Japanese Yen (JPY) held steady against the US Dollar for a second consecutive day on Tuesday, despite doubts about a sustained bullish trend. Overnight comments from Japanese officials raised concerns about possible intervention, while escalating geopolitical tensions in the Middle East boosted JPY’s safe-haven appeal. Additionally, a slight decline in the US Dollar (USD) put further pressure on the USD/JPY
However, fading odds of another interest rate hike by the Bank of Japan (BoJ) in 2024 have kept JPY bulls cautious. Meanwhile, investors have scaled back expectations of more aggressive policy easing by the Federal Reserve (Fed). This has helped limit USD losses ahead of Wednesday’s FOMC meeting minutes and upcoming US inflation data on Thursday and Friday.
However, fading odds of another interest rate hike by the Bank of Japan (BoJ) in 2024 have kept JPY bulls cautious. Meanwhile, investors have scaled back expectations of more aggressive policy easing by the Federal Reserve (Fed). This has helped limit USD losses ahead of Wednesday’s FOMC meeting minutes and upcoming US inflation data on Thursday and Friday.
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