Japanese Yen (USD/JPY) Rally Continues, Boj Policy Decision Imminent

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3/18/2024 5:12:57 AM

(MENAFN- DailyFX) (USD/JPY) Rally Continues, BoJ Policy Decision Imminent Skip to Conten

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Mar 18, 2024 Japanese Yen (USD/JPY) Rally Continues, BoJ Policy Decision Imminent Mar 17, 2024 Markets Week Ahead: Nasdaq Slips, Gold Steadies, Central Banks on Tap Mar 16, 2024 Gold Price Forecast: Fed in Spotlight – Bullish Explosion or Crash Ahead?
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Host: Duration: min 09:09:10 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Mixed
1h Last updated: Mar 18, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Markets Week Ahead: Nasdaq Slips, Gold Steadies, Central Banks on Tap 2024-03-17 18:00:01 EUR/USD Levels Off at Support Ahead of Key Fed Decision – Outlook & Analysis 2024-03-15 16:00:00 Oil - US Crude Mixed

1h Last updated: Mar 18, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News IEA Revises Oil Demand Outlook, Tweaks Supply Estimates – Oil Rises 2024-03-14 18:00:42 Crude Oil Prices Pop Up On Bullish OPEC Demand Calls 2024-03-13 13:00:13 Wall Street Bearish

1h Last updated: Mar 18, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News FTSE 100 Drops Back from Eight-Month High, while Dow and Nasdaq 100 Hold Steady 2024-03-15 11:00:48 FTSE 100 at Three Month Highs, Dow and Nasdaq 100 Move Higher Despite Hotter US Inflation 2024-03-13 11:00:45 Gold Mixed

1h Last updated: Mar 18, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Markets Week Ahead: Nasdaq Slips, Gold Steadies, Central Banks on Tap 2024-03-17 18:00:01 Gold Price Forecast: Fed in Spotlight – Bullish Explosion or Crash Ahead? 2024-03-16 18:00:00 GBP/USD Bearish

1h Last updated: Mar 18, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Markets Week Ahead: Nasdaq Slips, Gold Steadies, Central Banks on Tap 2024-03-17 18:00:01 US Dollar Closes in on Resistance, GBP/USD Testing Support, Interest Rate Decisions Near 2024-03-15 13:00:14 USD/JPY Mixed

1h Last updated: Mar 18, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Japanese Yen (USD/JPY) Rally Continues, BoJ Policy Decision Imminent 2024-03-18 08:46:58 Markets Week Ahead: Nasdaq Slips, Gold Steadies, Central Banks on Tap 2024-03-17 18:00:01 More View More

Heads Up:🇪🇸 Balance of Trade (Jan) due at 09:00 GMT (15min) Previous: €-3
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Japanese Yen Prices, Charts, and Analysis
USD/JPY Daily Price Chart
Japanese Yen Prices, Charts, and Analysis

Current market pricing shows a 44% chance of a 10 basis point rate hike tomorrow.
Recent wage negotiations may well give the BoJ confidence to move.
Recommended by Nick Cawley How to Trade USD/JPY Get My Guide
Tuesday's BoJ policy meeting may see the Japanese Bank Rate lifted out of negative territory for the first time in over eight years after Japan's largest trade union agreed to the largest wage increase in over three decades. The central bank has been pushing for higher wages to help domestic inflation stay at target and help boost the economy.
Japanese Wages Rise to 30-Year High Fuelling BoJ Rate Speculation
Financial markets are currently showing a 44% probability of a 10bp interest rate hike tomorrow and a 62% chance at the April meeting. The Quarterly Economic Outlook is released in April and the Bank of Japan may wait for this before pulling the trigger and raising interest rates for the first time in 17 years. Markets also predict that the BoJ will end their yield curve control, allowing bond rates to rise.

The US dollar is currently driving USD/JPY price action. The greenback picked up a bid over the past few days as stronger-than-expected CPI and PPI data questioned market expectations of a rate cut at the June FOMC . The Fed will announce their latest policy decision on Wednesday and it will be Chair Jerome Powell's post-decision commentary that will be the next driver of the US dollar direction.
This US dollar strength has pushed USD /JPY back above 149.00 ahead of the BoJ's decision. There is a solid block of recent resistance between 150 and 151 on the chart that is very unlikely to be broken, while the 50- and 200-day smas and the recent double-low at 146.50 guard a move lower to 145.
USD/JPY Daily Price Chart
Retail trader data shows 24.11% of traders are net-long with the ratio of traders short to long at 3.15 to 1.The number of traders net-long is 14.58% higher than yesterday and 13.50% lower from last week, while the number of traders net-short is 4.95% higher than yesterday and 15.39% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise.
Download the Latest IG Sentiment Report to see how daily/weekly sentiment changes can affect USD/JPY price outlook
USD/JPY Mixed Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	16%	7%	9%
Weekly	-13%	17%	8%

What does it mean for price action? Get My Guide

What is your view on the Japanese Yen – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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