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As experts in the area of the Stock Market, trading, and Wall Street, we are here to provide you with unique insights and valuable information to help you navigate the complex world of investing. Today, we will be discussing the upcoming events in the market that may impact the USD/JPY pairing.
Bank of Japan Interest Rate Decision and Rate Path
This week, the Bank of Japan is set to announce its penultimate monetary policy decision for 2024. Economists are expecting the BoJ to maintain interest rates at 0.25%. The quarterly outlook report and commentary from the BoJ will be crucial for near-term trends in the USD/JPY pairing.
Expert Views on the Bank of Japan Rate Path:
In a recent Reuters poll, economists are divided on a potential December rate hike by the BoJ. While some expect interest rates to remain steady, others anticipate a hike to 0.5% by March 2025. Natixis Asia Economist Alicia Garcia Herrero believes that the BoJ will take a patient approach and carefully time any rate hikes.
US Economic Indicators: Inflation and Labor Market Crucial for the Fed
The US dollar will be impacted by key economic indicators such as JOLTs job openings data, Personal Income and Outlays report, and the US Jobs Report. These indicators could influence the Fed’s rate path as they aim to achieve sustainable inflation targets.
Short-term Forecast:
Near-term trends in the USD/JPY pairing will depend on the Bank of Japan’s monetary policy decision and US economic indicators. Investors should stay informed with real-time data and expert commentary to adjust their trading strategies accordingly.
USD/JPY Price Action
Currently, the USD/JPY is showing bullish price trends, sitting comfortably above the 50-day and 200-day EMAs. A breakout above the trend line could push the pairing towards 155, while a break below support levels may lead to a fall towards the 200-day EMA.
Stay tuned to our latest analysis and news to stay ahead in the FX markets and make informed investment decisions. Trust Extreme Investor Network for expert insights and valuable information to help you succeed in your trading endeavors.