The USD/JPY pair struggles to capitalize on Friday's solid recovery from the 144.45 area, or its lowest level since August 11 and kicks off the new we
The divergent Fed-BoJ stance continues to act as a tailwind for the pair and favours bullish traders.Thestruggles to capitalize on Friday's solid recovery from the 144.45 area, or its lowest level since August 11 and kicks off the new week on a subdued note. Spot prices, however, manage to hold above the 146.00 mark through the first half of the European session and the fundamental backdrop remains tilted in favour of bullish traders.
The US Dollar consolidates the post-NFP strong move up back closer to the August monthly swing high and turns out to be a key factor that continues to act as a tailwind for the USD/JPY pair. The closely-watched US monthly employment details showed that the economy added 187K jobs in August, higher than market expectations and the previous month's downwardly revised reading of 157K. Adding to this, the jobless rate climbed to 3.8% from 3.
The Japanese Yen , on the other hand, is weighed down by the fact that the Bank of Japan has shown no signs of an imminent change in its super-easy monetary policy stance. In fact, BoJ board member Toyoaki Nakamura indicated last week that it was premature to tighten monetary policy as recent increases in inflation were mostly driven by higher import costs rather than wage gains.
Moving ahead, there isn't any relevant market-moving economic data due for release on Monday and the US banks will be closed in observance of Labor Day, supporting prospects for some near-term consolidation for the USD//JPY pair. Nevertheless, the aforementioned fundamental backdrop favours bullish traders. Hence, any meaningful dip might still be seen as a buying opportunity and is more likely to remain limited, at least for the time being.
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