USDJPY its time for rejection and bearish is clear

USDJPY its time for rejection and bearish is clear

Little bit information about the forecasted Asset:

After dropping to about 150.27 during Thursday's European session, the USD/JPY pair finds support. Once the US Dollar bounces back from a five-day low, the asset gains ground. After the Federal Reserve (Fed) updated its economic forecasts, the US growth rate for 2024 was raised up to 2.1% from the 1.4% predicted during the policy meeting in December. This caused the US Dollar Index (DXY) to rebound from its previous low of 103.17.

The worldwide marketplaces have demand that is particular to certain regions. While demand for Asian and antipodean currencies is strong, risk-sensitive assets in Europe are under pressure following the Swiss Nation Bank's (SNB) unexpected 25 basis point (bps) reduction in interest rates to 1.25%. Overnight in the London session, S&P 500 futures showed notable advances.

Based on the Fed's March meeting dot plot, which was issued on Wednesday, three rate cut estimates for this year are still on the table, which has the market feeling generally optimistic. Notwithstanding the recent high readings of inflation, Fed Chair Jerome Powell stated in the monetary policy statement that he is optimistic about the tale of diminishing underlying pricing pressures.

This has caused the likelihood that the Fed will start cutting rates after its June policy meeting to spike sharply. The probability of a rate cut announcement in June is 74%, according to the CME Fed Watch tool.

Suspicions of covert interference in the foreign exchange market intensified, which caused the Japanese yen to strengthen vs the US dollar. "Currencies must move in a stable manner," declared Japan's Finance Minister Shunichi Suzuki, adding that he is extremely attentive to foreign exchange movements.

The Japanese Yen, however, finds it difficult to maintain its value because the Bank of Japan (BoJ) has abandoned its expansionary policy stance but has maintained its near-term accommodating guideline for monetary policy.

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