USD/JPY pares intraday gains, retreats below mid-143.00s ahead of US macro data – by hareshmenghani USDJPY BOJ Fed Currencies EconomicIndicator
pair, however, trims a part of its intraday gains and retreats below mid-143.00s during the mid-European session, though is still up nearly 0.20% for the day.
The overnight JPY strength led by intervention fears fizzles out rather quickly amid a big divergence in the monetary policy stance adopted by the Bank of Japan and other major central banks. In fact, the BoJ has been lagging behind other major central banks in the process of policy normalisation and remains committed to continuing with its monetary easing.
The US dollar, on the other hand, catches fresh bids and continues to draw support from expectations for a more aggressive policy tightening by the Fed. The markets started pricing in the possibility of a 1% rate hike move at the September FOMC meeting following the release of the stronger US CPI report on Tuesday. This remains supportive of elevated US Treasury bond yields, Which is seen as another factor underpinning the greenback and offering additional support to the USD/JPY pair.
Despite the fact that the fundamental backdrop favours bullish traders, the emergence of some selling at higher levels warrants some caution before positioning for any further appreciating move. Moreover, repeated failures near the 145.00 psychological mark constitute the formation of a bearish double-top chart pattern on short-term charts.
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