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live commentary Post
Back to Live CommentaryJapanese Yen maintains its offered tone, bears remain cautious amid suspected intervention
By TradeRadius | Thu, 02 May 2024 08:15:52 UTC
The Japanese Yen (JPY) trims a part of its intraday losses against its American counterpart, albeit remains depressed through the early part of the European session and below a two-week high touched the previous day. Speculations that Japan's financial authorities intervened again, for a second time this week, to prop up the domestic currency provided a strong boost to the JPY. The initial market reaction, however, fades rather quickly in the wake of expectations that the US-Japan rate differential will remain wide for some time.
Apart from this, a generally positive risk tone is seen undermining the safe-haven JPY and acting as a tailwind for the USD/JPY pair. That said, the prevalent US Dollar (USD) selling, led by receding fears about further interest rate hikes by the Federal Reserve (Fed), keeps a lid on any meaningful appreciating move for the currency pair. Traders now look to the US macro data – Challenger Job Cuts, the usual Weekly Initial Jobless Claims and Trade Balance data for some impetus, though the focus will remain on the US Nonfarm Payrolls (NFP) on Friday.
Daily Digest Market Movers: Japanese Yen remains depressed amid BoJ's uncertain rate outlook, positive risk tone
Technical Analysis: USD/JPY bulls might struggle to make it through the 50% Fibo. hurdle, around mid-156.00s
From a technical perspective, the overnight bounce from the 200-period Simple Moving Average on the 4-hour chart and the subsequent move beyond the 38.2% Fibonacci retracement level of this week's sharp pullback from a multi-decade high favor bullish traders. That said, mixed oscillators on hourly/daily charts warrant some caution before positioning for any further intraday appreciating move, suggesting that the USD/JPY pair might confront some resistance near the 50% Fibo. level, around the 156.55 region. Some follow-through buying, however, will suggest that the recent corrective slide from the all-time peak has run its course and pave the way for additional gains.
On the flip side, weakness back below the 155.70 area could drag the USD/JPY pair back towards the 155.00 psychological mark en route to the 154.50-154.45 support zone. Failure to defend the latter might expose the Asian session low, around the 153.00 round figure, with some intermediate support near the 154.00 mark and the 153.60 region.
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