The progress of USD/JPY has paused, yet this respite may be temporary.
The Japanese yen is in a neutral stance against the US dollar this Wednesday. The present USD/JPY exchange rate is positioned at 145.56.
Morning releases reveal that the Tankan manufacturing business expectations index for Q4 in Japan has receded to 8 points from the preceding 10 points, falling short of expectations. In contrast, the same index for the services sector has elevated to 30 points from the previous 27 points.
With a more pronounced reliance on fiscal decisions, the manufacturing sector is exhibiting less optimistic momentum.
While the recent strengthening of the JPY exchange rate is noted, it’s likely to be transitory. Presently, the Bank of Japan hasn’t signaled any discernible shifts in its monetary course. This implies that once market sentiment pivots—possible triggers might emerge on Wednesday—the yen could experience a decline.
The post JPY in a Consolidation Phase: Overview for December 13, 2023 appeared first at R Blog – RoboForex.