USD/JPY looks to build on bullish move beyond 137.00, 200 DMA on stronger USD – by hareshmenghani USDJPY Fed RiskAppetite BOJ Currencies
USD/JPY gains traction for the fifth straight day and climbs to over a two-week high on Wednesday.The fundamental backdrop favours bulls and supports prospects for a further appreciating move.scales higher for the fifth successive day on Wednesday and climbs to over a two-week high during the early European session. Spot prices currently trade around the 137.
The US Dollar continues to draw support from the recent hawkish remarks by several Federal Reserve officials and climbs to a nearly two-month high, which, in turn, is seen as a key factor acting as a tailwind for the USD/JPY pair. Cleveland Fed President Loretta Mester said on Tuesday that interest rates are not at a sufficiently restrictive level and that the central bank isn't at the spot to hold rates yet.
The Japanese Yen , on the other hand, is weighed down by a more dovish stance adopted by the Bank of Japan . It is worth recalling thatGovernor Kazuo Ueda said last week that it was too early to discuss specific plans for an exit from the massive stimulus program. This, along with a modest uptick in the US equity futures, undermines the JPY's safe-haven status and remains supportive of the USD/JPY pair's ongoing positive move.
Nevertheless, the aforementioned fundamental backdrop suggests that the path of least resistance for the USD/JPY pair is to the upside. Hence, a subsequent strength back towards retesting the monthly swing high, near the 137.75-137.80 region, looks like a distinct possibility. Some follow-through buying beyond the YTD peak, around the 137.90 area touched in March, will mark a fresh bullish breakout and pave the way for a further appreciating move.
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