USD/JPY Pair and Hawkish BOJ: Implications for Next Key Level

Monday, 11 March 2024, 09:17
The USD/JPY pair experienced volatility, touching lows before rising back. The market focus shifts to the yen's strength, driven by BOJ expectations. Speculation on wage negotiations may impact the pair's movement, with attention on the central bank's potential actions in the upcoming week. The USD/JPY faces a crucial test at its 200-day moving average, determining whether sellers will push below significant levels.
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USD/JPY Pair and Hawkish BOJ: Implications for Next Key Level

USD/JPY Nudges Lower, Eyes on Crucial Technical Level

The pair hit a low of 146.53 in Asia before recovering back to around 147.00 in the handover to Europe. Now, as the session commences, the pair is edging lower to 146.64. The hawkish BOJ stance remains influential, priming the market for possible actions post-wage negotiations.

Market Speculation on BOJ Expectations

  • The focus is on the outcome of the upcoming wage negotiations and potential impacts on USD/JPY movement.
  • Anticipation of a more hawkish standpoint from BOJ may lead to further underpinning of the pair.

With attention on the pair's trajectory towards the 200-day moving average at 146.19, the market eagerly awaits the central bank's next moves to gauge potential shifts in the USD/JPY dynamics.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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