The USD/JPY pair turns positive for the second straight day following an early Asian session dip to the 142.85 region, albeit it lacks bullish conviction.
USD/JPY ticks higher for the second straight day and draws support from a combination of factors. A downward revision of Japan’s GDP print and a positive risk tone undermines the safe-haven JPY. Reduced bets for a 50 bps Fed rate cut in September push the USD higher and further lend support. Spot prices currently trade with a mild positive bias just below mid-143.00s and remain well within the striking distance of a one-month low touched last Friday.
That said, speeches by influential FOMC members might provide some impetus later during the US session. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
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