USD/JPY flirts with YTD peak, bulls now await sustained move beyond 142.00 mark – by hareshmenghani USDJPY BOJ Fed Recession Currencies
strength, acts as a tailwind for the USD/JPY pair on the first day of a new week, though slightly overstretched conditions hold back bulls from placing fresh bets and capping the upside.
It is worth recalling that the BoJ on Friday held its short-term interest rate target at -0.1% and made no changes to its yield curve control policy. The BoJ also kept intact its view that inflation will slow later this year, underscoring its focus on supporting a fragile economic recovery on the back of global uncertainty.
That said, the incoming softer US macro data raised questions over how much headroom the US central bank has to keep raising rates and fueled speculations that the Fed is nearing the end of its policy tightening cycle. This, along with worries about a global economic downturn and a softer risk tone, lends some support to the safe-haven JPY.
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