The buying interest around the Japanese Yen (JPY) remains unabated through the Asian session on Monday and drags the USD/JPY pair to a multi-day low,
A modest USD pullback from a six-month peak contributes to the sharp intraday downfall.The buying interest around the Japanese Yen remains unabated through the Asian session on Monday and drags theto a multi-day low, around the 146.35 region in the last hour. The pair has now retreated over 150 pips from the highest level since November 2022, near the 147.85 zone touched on Friday and is pressured by a combination of factors.
The Japanese Yen strengths against all Group-of-10 currencies in reaction to Bank of Japan Governor Kazuo Ueda's hawkish remarks, signalling possible interest rate hikes. In an interview with Yomiuri newspaper published on Saturday, Ueda said that ending negative interest rates is among the options available if the BoJ becomes confident that prices and wages will keep going up sustainably.
Furthermore, the latest leg down over the past hour or so could also be attributed to some technical selling below the 200-hour Simple Moving Average support. That said, growing acceptance that the Federal Reserve will stick to its hawkish stance and keep interest rates higher for longer should limit any meaningful USD downfall.
The outlook, meanwhile, remains supportive of elevated US Treasury bond yields and should act as a tailwind for the Greenback. This, along with the fact that Ueda reiterated the need to continue the patient monetary easing as theis some distance away from achieving its price stability target, supports prospects for the emergence of some dip-buying around the USD/JPY pair.
Traders might also prefer to move to the sidelines ahead of this week's release of the latest US consumer inflation figures on Wednesday. This will be followed by the US Producer
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