Japanese Yen (USDJPY) || Recovers Further From a Multi-Month Low Against USD
Japanese Yen (USDJPY) || Recovers Further From a Multi-Month Low Against USD
The Japanese Yen (JPY) turns positive for the second straight day against its American counterpart and recovers further from the lowest level since July 31, around the 153.20 region touched earlier this week. The recent verbal intervention by Japanese authorities turns out to be a key factor that offers some support to the JPY. Meanwhile, the US Dollar (USD) bulls remain on the sidelines amid a modest downtick in the US Treasury bond yields, which, in turn, contributes to the offered tone surrounding the USD/JPY pair.
That said, doubt over further interest rate hikes by the Bank of Japan (BoJ) in 2024, amid the election-related uncertainty in Japan and a fall in Tokyo's core inflation rate below the 2% target, might cap any further JPY appreciation. A generally positive risk tone warrants some caution before placing aggressive bullish bets around the safe-haven JPY. In addition, bets for smaller rate cuts by the Federal Reserve (Fed) might continue to act as a tailwind for the Greenback and limit losses for the USD/JPY pair.
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