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live commentary Post
Japanese Yen sets new record while Greenback is rolling through markets
By TradeRadius | Wed, 26 Jun 2024 13:24:34 UTC
The Japanese Yen (JPY) is retreating further and faces nearly 0.50% devaluation against the US Dollar on Wednesday after relentless hawkish comments from US Federal Reserve Official Michelle Bowman. Fed's Bowman said that current conditions are not appropriate to start cutting and that she even conciders another rate hike before starting to cut. This in its turn feeds the US Dollar, making it strong enough to snap above 160.00 against the Yen and testing the Japanese Government's line in the sand before facing interventions.
Meanwhile, the DXY US Dollar Index – which gauges the value of the US Dollar (USD) against a basket of six foreign currencies – is stronger with the help from the depreciation of the Japanese Yen. The other heavyweight in the basket, the Euro, is not helping either as uncertainty builds up ahead of the French snap elections on Sunday and German consumer confidence deteriorates further. This gives the DXY a boost from outside help even though the Greenback looks overvalued seeing recent economic data.
Daily digest market movers: Who will save the Yen?
USD/JPY Technical Analysis: Yen lowest level since 1980's
The USD/JPY pair is flashing red warning lights as price action overheats too much. The best evidence is the Relative Strength Index (RSI), which is close to overbought conditions in the daily chart, while the magic 160.00 level, where Japanese authorities intervened last time, is very near. Do not expect a snap reaction immediately, as authorities will want to see if US data on Thursday and Friday could trigger some easing without sticking their neck out and intervening. At max, 163.00 on the upside could be tested on stronger US data in the coming days, while on the downside, that 151.95 level is again the pivotal support to watch.
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