USD/JPY consolidates its recent gains to nearly two-month high, trades below mid-137.00s – by hareshmenghani USDJPY RiskAppetite Fed BOJ Currencies
ading into the North American session. The pair is currently placed just below the mid-137.00s, down less than 0.10% for the day, and seems poised to prolong its recent appreciating move.
A softer risk tone drives some haven flows towards the Japanese Yen and is seen as a key factor exerting some downward pressure on the USD/JPY pair amid subdued US Dollar price action. In fact, the USD Index , which tracks the Greenback against a basket of currencies, struggles to capitalize on its intraday uptick to a two-week high touched on Tuesday.
The markets, however, have fully priced in another 25 bps rate hike at the end of the two-day policy meeting on Wednesday. Moreover, the US ISM report released on Monday showed that there was a build-up of inflation pressures last month data kept alive the possibility of a further hike in June and continue to lend support to the Greenback.
Even from a technical perspective, the overnight sustained move and close above the very important 200-day Simple Moving Average add credence to the near-term positive outlook. Bullish traders, however, might refrain from placing aggressive bets ahead of the highly-anticipated FOMC monetary policy decision on Wednesday.
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