(VIANEWS) – The USD/JPY pair kicks off the new week on a subdued note and oscillates in a narrow trading band around mid-146.00s through the Asian session, just below its highest level since November 2022 touched on Friday.
FXStreet reported on the fact that the US Dollar (USD) consolidates its recent strong gains to a nearly three-month high and remains supported by Federal Reserve (Fed) Chair Jerome Powell’s hawkish remarks, which, in turn, is seen acting as a tailwind for the USD/JPY pair. In a keynote address at the Jackson Hole Symposium, Powell said that the US central bank may need to raise interest rates further to cool still-too-high inflation and added that policymakers would proceed carefully as they decide whether to tighten further or to hold the policy rate constant. The comments cemented market expectations for one more 25 bps lift-off by the end of this year and remain supportive of elevated US Treasury bond yields, underpinning the Greenback.
USD/JPY (USDJPY) has been up by 4.01% for the last 21 sessions. At 06:44 EST on Monday, 28 August, USD/JPY (USDJPY) is $146.53.
Usd/jpy consolidates around mid-146.00s, bulls have the upper hand near YTD peak
The US Dollar (USD) consolidates its recent strong gains to a nearly three-month high and remains supported by Federal Reserve (Fed) Chair Jerome Powell’s hawkish remarks, which, in turn, is seen acting as a tailwind for the USD/JPY pair. , This, in turn, might provide some impetus to the USD/JPY pair ahead of this week’s important US macro data scheduled at the beginning of a new month, including the closely-watched monthly employment details – popularly known as the NFP report on Friday.
Usd/jpy consolidates around mid-146.00s, bulls have the upper hand near YTD peak
The USD/JPY pair kicks off the new week on a subdued note and oscillates in a narrow trading band around mid-146.00s through the Asian session, just below its highest level since November 2022 touched on Friday., The divergence Fed-BoJ policy outlook turns out to be another factor lending support to the USD/JPY pair, though intervention fears hold back bullish traders from placing fresh bets and capping the upside, at least for now.
Usd/jpy consolidates its gains around 146.50 on the fed’s powell hawkish stance
On the US Dollar front, hawkish comments from the central banks’ policymakers limit the upside of the Japanese Yen and support the USD/JPY pair. , The USD/JPY pair consolidates its recent gains below the mid-146.00s during the early Asian session on Monday.
Usd/jpy stabilizes above 146.00 as yields, US dollar retreat, clues about fed–boj divergence eyed
It should be noted that the recently mixed details of Japan’s Coincident Index for June and the Leading Economic Index for the said month also prod the USD/JPY pair traders., Looking ahead, USD/JPY pair traders should seek clues to justify the monetary policy divergence between the BoJ and the Fed for clear directions.
USD/JPY’s yearly highs and lows, it’s 15.149% up from its 52-week low and 3.557% down from its 52-week high.
Volatility
USD/JPY’s last week, last month’s, and last quarter’s current intraday variation average was 0.17%, 0.25%, and 0.46%, respectively.
USD/JPY’s highest amplitude of average volatility was 0.58% (last week), 0.52% (last month), and 0.46% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, USD/JPY’s Forex is considered to be oversold (<=20).
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