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live commentary Post
Back to Live CommentaryJapanese Yen remains heavily offered despite possible intervention attempt
By TradeRadius | Fri, 26 Apr 2024 11:47:52 UTC
The Japanese Yen (JPY) plummets to a fresh multi-decade low, beyond the 156.00 mark against its American counterpart after the Bank of Japan (BoJ) decided to leave policy settings unchanged on Friday. The Yen failed to gain any respite from BoJ Governor Kazuo Ueda's remarks during the post-meeting press conference. Despite what looks like an intervention attempt on Thursday morning the JPY only temporarily recovered and a heavy selling bias remains. The BoJ's uncertain rate outlook amid signs that inflation in Japan is cooling, and a generally positive tone around the equity markets turn out to be key factors undermining the safe-haven JPY.
Apart from this, expectations that the interest rate differential between Japan and the United States (US) will remain wide for some time suggest that the path of least resistance for the JPY is to the downside. Meanwhile, the US Dollar (USD) attracts fresh buyers and reverses a part of the previous day's weaker US GDP print-inspired slide to a two-week low amid bets that the Federal Reserve (Fed) will keep rates higher for longer. This lends additional support to the USD/JPY pair as traders now look to the release of the US Personal Consumption Expenditures (PCE) Price Index for cues about the Fed's rate-cut path and before positioning for the next leg of a directional move.
Daily Digest Market Movers: Japanese Yen continues losing ground as bulls seem unimpressed by BoJ's policy outlook
Technical Analysis: USD/JPY needs to pause and consolidate before the next leg up amid extremely overbought RSI
From a technical perspective, momentum beyond the 156.00 mark could be seen as a fresh trigger for bullish traders and supports prospects for additional gains. That said, the extremely overbought Relative Strength Index (RSI) on the daily chart makes it prudent to wait for some near-term consolidation or a modest pullback before positioning for the next leg of a positive move.
Meanwhile, any corrective decline below the 156.00 mark now seems to find decent support near the 155.35-155.30 region. This is followed by the 155.00 psychological mark and a short-term trading range resistance breakpoint, around the 154.70 area. A break below the latter has the potential to drag the USD/JPY pair to the 154.00 round figure en route to last Friday's swing low, around the 153.60-153.55 zone.
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