The Japanese Yen (JPY) extends its losses against the US Dollar (USD) on Friday after the Statistics Bureau of Japan released the Tokyo Consumer Price Index (CPI) data. However, the Yen’s decline might be restrained as traders potentially unwind their carry trades ahead of the Bank of Japan's two-day policy meeting, concluding on Wednesday. During the meeting, the board will discuss the possibility of raising interest rates and outline details on tapering its extensive bond purchases.
Japan's top currency diplomat, Masato Kanda, informed the G20 on Friday that foreign exchange (FX) volatility negatively impacts the Japanese economy. He noted an increasing likelihood of a soft landing and emphasized the need to closely monitor the economy and implement necessary measures, according to Reuters.
The US Dollar received support as stronger US economic data have reduced some rate cut expectations for September. On Friday, attention will be on the release of the Personal Consumption Expenditures (PCE) Price Index for June.
On Thursday, the US Gross Domestic Product (GDP) for the second quarter (Q2) was stronger than expected. This follows Wednesday’s US PMI data, which indicated a faster expansion in private-sector activity for July, highlighting the resilience of US growth despite elevated interest rates.
USD/JPY trades around 154.00 on Friday. The daily chart analysis shows that the USD/JPY pair has returned to the descending channel, indicating the weakening of a dovish bias. However, the 14-day Relative Strength Index (RSI) is positioned at the level of 30, indicating an oversold situation and a potential short-term rebound.
The USD/JPY pair may test the lower boundary of the descending channel around the level of 153.50, followed by May's low of 151.86 level. Further support could be found at the psychological level of 151.00.
On the upside, the USD/JPY pair may test the “throwback support level turned resistance” around the 154.50 level. Further resistance appears at the nine-day Exponential Moving Average (EMA) of 155.80, followed by the upper boundary of the descending channel around 156.60.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the weakest against the Australian Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.07% | -0.04% | -0.02% | -0.05% | -0.13% | -0.02% | -0.04% | |
EUR | 0.07% | 0.03% | 0.07% | 0.04% | -0.05% | 0.08% | 0.03% | |
GBP | 0.04% | -0.03% | 0.02% | -0.02% | -0.09% | 0.03% | -0.01% | |
JPY | 0.02% | -0.07% | -0.02% | -0.04% | -0.11% | 0.00% | -0.02% | |
CAD | 0.05% | -0.04% | 0.02% | 0.04% | -0.09% | 0.03% | -0.00% | |
AUD | 0.13% | 0.05% | 0.09% | 0.11% | 0.09% | 0.13% | 0.11% | |
NZD | 0.02% | -0.08% | -0.03% | -0.00% | -0.03% | -0.13% | -0.04% | |
CHF | 0.04% | -0.03% | 0.01% | 0.02% | 0.00% | -0.11% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
The Tokyo Consumer Price Index (CPI), released by the Statistics Bureau of Japan on a monthly basis, measures the price fluctuation of goods and services purchased by households in the Tokyo region. The index is widely considered as a leading indicator of Japan’s overall CPI as it is published weeks before the nationwide reading. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Japanese Yen (JPY), while a low reading is seen as bearish.
Read more.Last release: Thu Jul 25, 2024 23:30
Frequency: Monthly
Actual: 2.2%
Consensus: -
Previous: 2.3%
Source: Statistics Bureau of Japan
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