The USD/JPY pair is in search of clear signals for its near-term trajectory.
The Japanese yen, in tandem with the US dollar, is currently in a state of suspension, awaiting discernible cues. The present USD/JPY exchange rate is at 147.83.
The yen has found some support as investors meticulously dissect the outcomes of the Bank of Japan’s recent meeting. There is a degree of optimism regarding Kazuo Ueda, the governor of the regulator, adopting a somewhat hawkish stance on interest rates, or at least that is the sentiment prevailing in the market.
Morning statistics from Japan painted a mixed picture. In December, imports recorded a year-over-year decline of 6.8%, beating the anticipated 5.3% decrease. Meanwhile, exports exceeded expectations with a 9.8% y/y increase, surpassing the forecasted 9.1%.
The trade balance in December showed a favorable outcome, sending a positive signal.
Trading activity is likely heightened, partially influenced by the weakened yen.
The post JPY in a Holding Pattern: Overview for January 24, 2024 appeared first at R Blog – RoboForex.