(VIANEWS) – The USD/JPY edges lower on the first day of a new week and erodes a part of Friday’s strong gains to the 142.00 neighbourhood, or a nearly two-week high. Spot prices remain on the defensive through the Asian session and currently trade just below mid-141.00s, down around 0.30% for the day.
According to FXStreet, the Japanese Yen (JPY) attracts some buyers in reaction to comments by Japan’s top currency diplomat Masato Kanda, saying that the recent inflation and wage rises were overshooting expectations. Speaking to reporters this Monday, Kanda added that the data available so far supports prospects for an upgrade in the Bank of Japan’s (BoJ) inflation forecasts. This revives hopes that the BoJ might tweak its Yield Curve Control (YCC) policy later this week, which, along with a softer risk tone, underpins the safe-haven JPY and act as a headwind for the USD/JPY pair.
USD/JPY (USDJPY) has been up by 1.52% for the last 21 sessions. At 03:07 EST on Monday, 24 July, USD/JPY (USDJPY) is $141.34.
Usd/jpy pulls back from two-week high, trades with modest losses below mid-141.00s
This revives hopes that the BoJ might tweak its Yield Curve Control (YCC) policy later this week, which, along with a softer risk tone, underpins the safe-haven JPY and act as a headwind for the USD/JPY pair., Moreover, doubts that the Fed will commit to a more dovish policy stance assist the buck to preserve its recovery gains from the lowest level since April 2022 touched last week and should lend support to the USD/JPY pair.
USD/JPY’s yearly highs and lows, it’s 11.072% up from its 52-week low and 6.973% down from its 52-week high.
Volatility
USD/JPY’s last week, last month’s, and last quarter’s current intraday variation average was a positive 0.22%, a negative 0.05%, and a positive 0.50%, respectively.
USD/JPY’s highest amplitude of average volatility was 0.22% (last week), 0.38% (last month), and 0.50% (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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