USD/JPY Witnesses Minor Losses near 143.20 amid Japanese Authorities' Currency Defense
During the early hours of Thursday, USD/JPY experienced mild losses as Japanese authorities implemented measures to safeguard their currency. The cautious optimism prevailing in the market and the retreat of the US Dollar ahead of several key US economic indicators also influenced the Yen pair's movements.
A noteworthy event earlier in the day was Bank of Japan (BoJ) Governor Kazuo Ueda's announcement of a broader tolerance range for the benchmark 10-year Japanese Government Bonds (JGBs), increasing it from 0.5% to 1.0%. This move led to a surge in JGB yields, reaching their highest level since 2014.
Looking ahead, USD/JPY traders will closely monitor crucial US data releases, including the ISM Services PMI, Factory Orders, Weekly Initial Jobless Claims, and quarterly readings of Nonfarm Productivity and Unit Labor Costs. These economic indicators could impact the Yen pair's direction significantly. Additionally, concerns about the BoJ's hawkish stance may limit buyer interest unless strong results from US data are observed.
From a technical standpoint, there appears to be a bearish impulse within the price channel, adding further complexity to the overall market dynamics for USD/JPY traders.
TurnAround Point: 144.50
Our preference
Short positions with targets at 141.50 & 140.50 in extension.
During the early hours of Thursday, USD/JPY experienced mild losses as Japanese authorities implemented measures to safeguard their currency. The cautious optimism prevailing in the market and the retreat of the US Dollar ahead of several key US economic indicators also influenced the Yen pair's movements.
A noteworthy event earlier in the day was Bank of Japan (BoJ) Governor Kazuo Ueda's announcement of a broader tolerance range for the benchmark 10-year Japanese Government Bonds (JGBs), increasing it from 0.5% to 1.0%. This move led to a surge in JGB yields, reaching their highest level since 2014.
Looking ahead, USD/JPY traders will closely monitor crucial US data releases, including the ISM Services PMI, Factory Orders, Weekly Initial Jobless Claims, and quarterly readings of Nonfarm Productivity and Unit Labor Costs. These economic indicators could impact the Yen pair's direction significantly. Additionally, concerns about the BoJ's hawkish stance may limit buyer interest unless strong results from US data are observed.
From a technical standpoint, there appears to be a bearish impulse within the price channel, adding further complexity to the overall market dynamics for USD/JPY traders.
TurnAround Point: 144.50
Our preference
Short positions with targets at 141.50 & 140.50 in extension.
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