The Japanese Yen (JPY) continues to lose ground for the second successive day following the release of the Bank of Japan's (BoJ) Summary of Opinions from September’s Monetary Policy Meeting, along with mixed economic data on Tuesday.
The summary indicates no immediate plans for additional rate hikes, stressing a focus on stability and cautious communication. The BoJ intends to maintain its accommodative stance but remains open to adjustments if economic conditions show significant improvement.
Japan’s Tankan Large Manufacturing Index showed that overall business conditions for large manufacturing companies remained steady at 13 points in the third quarter, in line with expectations. Additionally, Japan's Unemployment Rate fell to 2.5% in August, down from 2.7% in July, which was better than market forecasts of 2.6%.
Additionally, the dovish comments from Japan's upcoming Prime Minister, former Defense Chief Shigeru Ishiba, are putting downward pressure on the JPY and underpinning the USD/JPY pair. Ishiba stated on Sunday that the country's monetary policy should continue to be accommodative, indicating the necessity of maintaining low borrowing costs to support a fragile economic recovery, The Japan Times.
USD/JPY trades around 144.10 on Tuesday. Analysis of the daily chart shows that the pair has re-entered the ascending channel pattern, indicating that the bullish bias remains intact. Additionally, the 14-day Relative Strength Index (RSI) is slightly below the 50 level, and a break above this could further confirm the continuation of the bullish trend.
In terms of resistance, the USD/JPY pair could explore the area around the upper boundary of the ascending channel at 146.50, followed by its five-week high of 147.21 level, which was recorded on September 3.
On the downside, the immediate support appears at the nine-day Exponential Moving Average (EMA) at the 143.51 level, followed by the lower boundary of the ascending channel at the 142.80 level. A break below this level could lead the USD/JPY pair to navigate around the 139.58 region, the lowest point since June 2023.
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 | -0.02% | 0.02% | 0.43% | 0.04% | -0.03% | 0.45% | 0.10% | |
EUR | 0.02% | 0.02% | 0.45% | 0.06% | -0.01% | 0.45% | 0.10% | |
GBP | -0.02% | -0.02% | 0.42% | 0.02% | -0.05% | 0.44% | 0.09% | |
JPY | -0.43% | -0.45% | -0.42% | -0.38% | -0.46% | 0.01% | -0.33% | |
CAD | -0.04% | -0.06% | -0.02% | 0.38% | -0.07% | 0.41% | 0.06% | |
AUD | 0.03% | 0.01% | 0.05% | 0.46% | 0.07% | 0.47% | 0.11% | |
NZD | -0.45% | -0.45% | -0.44% | -0.01% | -0.41% | -0.47% | -0.34% | |
CHF | -0.10% | -0.10% | -0.09% | 0.33% | -0.06% | -0.11% | 0.34% |
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).
This report includes the BOJ's projection for inflation and economic growth. It is scheduled 8 times per year, about 10 days after the Monetary Policy Statement is released.
Read more.Last release: Mon Sep 30, 2024 23:50
Frequency: Irregular
Actual: -
Consensus: -
Previous: -
Source: Bank of Japan
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