USD/JPY struggles below 136.00 mark, flirts with the critical 200-day SMA – by hareshmenghani USDJPY BOJ Inflation Fed Currencies
USD/JPY fails to gain any meaningful traction on Monday amid a combination of diverging factors.An uptick in the US bond yields could limit the USD losses and lend some support to the major.USD/JPY pair
The Japanese Yen draws some support from a weekend report that the government could revise the Bank of Japan's 2% inflation target and make it more flexible. The revision could allow theto tweak its ultra-loose policy stance, which has been the key factor behind the recent slump in domestic currency. Apart from this, a modest US Dollar downtick acts as a headwind for the USD/JPY pair.
Traders might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of the BoJ monetary policy meeting on Tuesday. This, in turn, warrants some caution before positioning for a firm intraday direction in the absence of any relevant macro data. Meanwhile, the USD/JPY pair's inability to gain any traction suggests that the recent downtrend is still far from being over.
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