USD/JPY moves further away from multi-year peak amid broad-based USD weakness By HareshMenghani USDJPY Ukraine Fed BOJ Currencies
Following an early uptick to the 124.30 area, the USD/JPY pair witnessed some selling on Tuesday and extended the overnight sharp pullback from the 125.10 area or the highest level since August 2015. The latest optimism over the possibility of a diplomatic solution to end the war in Ukraine triggered aggressive short-covering around the shared currency. This, in turn, weighed on the US dollar and was seen as a key factor exerting downward pressure on the major.
Apart from this, the US dollar downtick lacked any obvious fundamental catalyst and is more likely to remain limited amid rising bets for a 50 bps Fed rate hike move at the next two meetings. Moreover, the divergence in the monetary policy stance adopted by the Fed and the Bank of Japan supports prospects for the emergence of dip-buying around the USD/JPY pair.
This makes it prudent to wait for strong follow-through selling before confirming that the USD/JPY pair has topped out in the near term. Next on tap is the, featuring the release of JOLTS Job Openings and the Conference Board's Consumer Confidence Index.
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