USD/JPY climbs back closer to YTD top, bulls await sustained move beyond 100-day SMA – by hareshmenghani USDJPY Fed Bonds BOJ Currencies
Hawkish Fed expectations push the US bond yields higher and provide a fresh lift to the Greenback.
The divergent Fed-BoJ policy outlook favours bullish traders and supports prospects for further gains.is seen building on the overnight late rebound from the 135.25 area and steadily climbs back closer to the YTD peak during the early European session on Thursday. The pair currently trades around the 136.70 region, with bulls now awaiting a sustained strength beyond the 100-day Simple Moving Average before placing fresh bets.
The Japanese Yen , on the other hand, is undermined by the recent dovish remarks by the incoming BoJ Governor Kazuo Ueda and Deputy Governor nominee Shinichi Uchida, stressing the need to maintain the ultra-loose monetary policy. That said, the cautious market mood - amid looming recession risks - could benefit the JPY's safe-haven status and cap the upside for the USD/JPY pair.
Market participants now look forward to the release of the usual Weekly Initial Jobless Claims data from the US, due later during the early North American session. This, along with the US bond yields, will drive the USD demand and provide some impetus to the USD/JPY pair. Traders will further take cues from the broader risk sentiment to grab short-term opportunities ahead of speeches by influential FOMC members during the Asian session on Friday.
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