{"id":1741,"date":"2024-02-08T13:37:31","date_gmt":"2024-02-08T10:37:31","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/usdjpy-is-approaching-new-2024-highs\/"},"modified":"2024-02-08T13:37:31","modified_gmt":"2024-02-08T10:37:31","slug":"usdjpy-is-approaching-new-2024-highs","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/usdjpy-is-approaching-new-2024-highs\/","title":{"rendered":"USDJPY is approaching new 2024 highs"},"content":{"rendered":"<p>At the start of Thursday&#8217;s trading session, there was increased volatility in the <a href=\"https:\/\/marketcheese.com\/symbol\/usdjpy\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>USDJPY currency pair<\/strong><\/a>. Despite the attempts of the bears to take the quotes back to Wednesday&#8217;s values, the buyers still managed to maintain the major gains. The price once again stopped just below the level of <strong>149<\/strong>, and its breakthrough could open the way to the highs of the past fall. It\u2019s quite likely that now the upward movement is strong enough for hitting the levels of <strong>149.7<\/strong> and <strong>150<\/strong>.<\/p><p>\u00a0<\/p><p>Yesterday&#8217;s speeches of the Fed officials strengthened the dollar against the yen. Board of Governors member Adriana Kugler, Boston Fed president Susan Collins, Minneapolis Fed president Neel Kashkari and <a href=\"https:\/\/marketcheese.com\/indicator\/us-fomc-member-barkin-speaks\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Richmond Fed president Thomas Barkin<\/strong><\/a> shared their views. All of them reported that there is no need for rapid monetary policy easing. Market participants aren\u2019t pricing in the March key rate cut anymore, focusing more on the May 1 meeting.<\/p><p>\u00a0<\/p><p>Perhaps, by the Fed\u2019s May meeting, the Bank of Japan will have already increased rates for the first time since 2007. However, its influence on the yen rate against the US currency is unlikely to be significant. The Japanese regulator, unlike its colleagues from Western countries, won\u2019t tighten the monetary policy rapidly and aggressively. This was announced today by Deputy Governor of the Bank of Japan Shinichi Uchida.<\/p><p>\u00a0<\/p><p>According to Uchida, <a href=\"https:\/\/marketcheese.com\/indicator\/jp-boj-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>monetary policy reversal shouldn\u2019t radically worsen the situation in the Japanese financial market<\/strong><\/a>. Soft conditions should be preserved. In particular, it concerns the purchase of bonds by the Bank of Japan. The official warned investors against expecting the same rapid increase in rates, which happened over the past 2 years in the US and most other developed countries. In this regard, the yen will maintain its long-term weakness.<\/p><p>\u00a0<\/p><p>For a breakout to the 2023 highs, the USDJPY bulls should consolidate near the <strong>150<\/strong> mark. At least part of the profit should be fixed at that level. In case of a corrective pullback it\u2019s recommended to restore long positions.<\/p><p>\u00a0<\/p><p><br><\/p><p>The following trading strategy can be suggested:<\/p><p>\u00a0<\/p><p><strong>Buy USDJPY at the current price. Take profit 1 \u2014 149.7. Take profit 2 \u2014 150. Stop loss \u2014 147.6.<\/strong><\/p><p>\u00a0<\/p><p>Traders can also use a <strong>Trailing stop<\/strong> instead of a fixed <strong>Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for USDJPY.","protected":false},"author":1,"featured_media":1740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>USDJPY is approaching new 2024 highs - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"USDJPY is approaching new 2024 highs - 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