- Japanese Yen (JPY) weakens against US Dollar (USD) despite BoJ’s hawkish stance.
- USD under pressure as Fed Chair Powell hints at upcoming rate cut.
On Wednesday, the JPY saw a slight decline against the USD. The BoJ’s Governor Ueda’s comments on potential interest rate hikes added pressure on the USD/JPY pair, despite signals of rate cuts from the US Federal Reserve.
While the BoJ remains optimistic about the economy, the Fed is preparing for policy adjustments. Fed Chair Powell’s vague statements at the Jackson Hole Symposium and comments from other Fed officials indicate a possible rate cut in September.
Market expectations are high for a 25 basis point rate cut by the Fed next month, further impacting the USD/JPY exchange rate.
Market Analysis: BoJ’s Hawkish Stance Influences JPY Movement
- JPY’s depreciation influenced by various factors including monetary policies, interest rates, and market sentiment.
- US Durable Goods Orders show significant increase in July, surpassing expectations.
- Fed officials’ comments and market data point towards a potential rate cut in the US.
Technical Analysis: USD/JPY Resistance and Support Levels
Current USD/JPY levels suggest a bearish trend, with potential support at 141.69 and resistance at 145.23.
Breaking below support could lead to further decline, while surpassing resistance may indicate a bullish trend.
USD/JPY: Daily Chart
Japanese Yen Price Today
The table below shows the percentage change of JPY against major currencies today, with the USD showing the strongest performance.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.19% | 0.11% | 0.06% | -0.19% | 0.05% | 0.13% | -0.15% | 0.09% |
| EUR | 0.09% | 0.02% | -0.11% | 0.04% | 0.05% | 0.04% | 0.00% | |
| GBP | 0.06% | -0.02% | -0.11% | 0.07% | 0.06% | 0.03% | 0.03% | |
| JPY | 0.19% | -0.11% | -0.11% | -0.10% | -0.05% | -0.09% | -0.09% | |
| CAD | 0.05% | 0.04% | 0.02% | 0.10% | 0.09% | 0.08% | 0.05% | |
| AUD | 0.13% | 0.05% | 0.07% | -0.05% | -0.09% | -0.01% | -0.04% | |
| NZD | -0.15% | -0.04% | -0.06% | 0.09% | -0.08% | 0.00% | -0.03% | |
| CHF | 0.09% | 0.00% | 0.03% | -0.09% | 0.05% | 0.04% | 0.03% |
Japanese Yen FAQs
The Japanese Yen’s value is influenced by various factors including the BoJ’s policies, bond yield differentials, and risk sentiment among traders.
The BoJ’s monetary policies and interventions in currency markets impact the Yen’s performance, with a widening policy divergence with the US supporting the USD against the JPY.
The JPY is often considered a safe-haven investment, strengthening in times of market uncertainty.