(VIANEWS) – USD/JPY traded at the highest level since mid-December on Friday. Economists at Rabobank analyze the pair’s outlook.
FXStreet reported that we adhere to the view that the BoJ is unlikely to consider a rate hike before April, allowing for consideration of the spring wage deals and the latest fiscal stimulus package.
The overriding theme of BoJ policy is likely to be caution. This suggests plenty of scope for JPY bulls to be disappointed this year.
USD/JPY (USDJPY) has been up by 1.27% for the last 10 sessions. At 18:08 EST on Monday, 8 January, USD/JPY (USDJPY) is $144.15.
Usd/jpy analysis: eyes on central bank policies – 08 January 2024
The improvement in US job numbers stronger than all expectations helped the USD/JPY bulls rush towards the 145.98 resistance level. , The USD/JPY pair is still trading inside an upward channel that formed recently.
USD/JPY’s yearly highs and lows, it’s 13.275% up from its 52-week low and 5.106% down from its 52-week high.
Volatility
USD/JPY’s last week, last month’s, and last quarter’s current intraday variation average was 0.67%, 0.02%, and 0.46%, respectively.
USD/JPY’s highest amplitude of average volatility was 0.67% (last week), 0.53% (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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