JPY Enters Consolidation: Overview for February 21, 2024

USD/JPY analysis today

The USD/JPY pair has reverted to trading within a horizontal range.

The Japanese yen, in tandem with the US dollar, has scaled back its activity to a minimum. The prevailing USD/JPY exchange rate is currently positioned at 149.98.

Morning statistics from Japan unveil a downturn in the February Reuters Tankan business confidence index, sliding to -1 points from the preceding 6 points.

January witnessed a noteworthy upswing in Japanese exports, registering a substantial 11.9% year-on-year increase, outpacing the expected 9.5%. This data showcases an improvement over the previous period. Nevertheless, imports recorded a downturn of 9.6% year-on-year, in contrast to the -6.9% figure reported a month earlier. Although the trade balance surplus exhibited an improvement in January, it remained in negative territory.

The yen persistently resists external pressures. Presently, it benefits from the local depreciation of the dollar, affording the market a moment of pause to determine its subsequent trajectory.

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