USDJPY: Maintaining downward momentum!
Dear Traders,
The Japanese Yen (JPY) is gaining some positive momentum following a decline in the Asian session. Expectations of further rate hikes by the Bank of Japan (BoJ) continue to act as a key catalyst supporting the JPY.
Additionally, the narrowing interest rate differentials between Japan and other major economies are attracting capital flows into the lower-yielding JPY. On the other hand, the U.S. Dollar (USD) remains under pressure amid growing expectations of additional Federal Reserve (Fed) rate cuts. This suggests that the path of least resistance for USD/JPY is to the downside, although traders may prefer to wait for the FOMC meeting minutes before making decisive moves.
The Japanese Yen (JPY) is gaining some positive momentum following a decline in the Asian session. Expectations of further rate hikes by the Bank of Japan (BoJ) continue to act as a key catalyst supporting the JPY.
Additionally, the narrowing interest rate differentials between Japan and other major economies are attracting capital flows into the lower-yielding JPY. On the other hand, the U.S. Dollar (USD) remains under pressure amid growing expectations of additional Federal Reserve (Fed) rate cuts. This suggests that the path of least resistance for USD/JPY is to the downside, although traders may prefer to wait for the FOMC meeting minutes before making decisive moves.
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