On Monday, the USD/JPY traded with mild gains above 149.50, mainly driven by the JPY’s weakness. Likewise, the Greenback is performing poorly against
USD/JPY continues to side-ways trade in the 149.00 - 150.00 range, asinvestors await fresh catalysts. Retail Sales from the US from September will be released on Tuesday. BoJ's prospects of intervening in markets to stop the Yen’s depreciation may limit the upward potential. The Fed’s dovish narrative is taking relevance and is limitingthe USD’s upside potential. On Monday, the USD/JPY traded with mild gains above149.50, mainly driven by the JPY’s weakness.
Several other officials will be on the wires on Tuesday and Wednesday, including Michelle Bowman, Christopher Waller, and John Williams, and dovish comments may add selling pressure tothe green currency. The Bank of Japan is attached to its dovish stance, and markets are pricing in a liftoff in 2024, so monetary policy divergences between its peers leave the JPY vulnerable.
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