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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 344818, member: 104606"] [B][SIZE=5]USD/JPY Analysis: Prospect of a Breakout of the Level of 155 Yen per Dollar[/SIZE][/B] [img]https://i.imgur.com/pSq4iYq.jpeg[/img] The USD/JPY rate has consistently reached new highs since 1990, approaching the psychological level of 155 yen per US dollar. The Japanese currency has already fallen about 9% against the dollar this year. This is supported by Jerome Powell, who suggested yesterday that US interest rates are likely to remain high for longer. He refused to give any guidance on when interest rates might be cut, greatly dimming investors' hopes for significant easing this year. Market participants now expect a 40 basis point rate cut in 2024, significantly lower than the 160 basis point easing they were counting on at the start of the year, according to FedWatch. At the same time, traders are focused on whether Japanese monetary authorities will intervene to support the currency as it deteriorates rapidly. Officials have stepped up warnings of possible intervention, although analysts also say fighting the dollar's strong bullish trend will be difficult and costly. Japanese Finance Minister Shunichi Suzuki said on Tuesday he was closely monitoring the yen's exchange rate against the US dollar today and would take "strengthened response measures if necessary." “Today, intervention can only help slow or contain the pace of depreciation, but cannot reverse the trend,” Kenneth Broux, head of exchange rate research at Societe Generale, told Reuters. Japan last intervened in the foreign exchange market in 2022, spending an estimated USD 60 billion to defend the yen. [img]https://i.imgur.com/XQPq8Zr.jpeg[/img] [B][URL="https://fxopen.com/blog/en/oa-usd-jpy-analysis-prospect-of-a-breakout-of-the-level-of-155-yen-per-dollar/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice. [/I] [/QUOTE]
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