USD/JPY sits near multi-day peak, around 140.25-30 area amid stronger USD – by hareshmenghani USDJPY Fed Bonds RiskAppetite Currencies
pair maintains its bid tone through the first half of the European session and currently trades around the 140.25-140.35 region, just a few pips below a four-day high touched in the last hour. recovery from over a one-week low remains uninterrupted on the first day of a new week and is seen as a key factor acting as a tailwind for the USD/JPY pair.
The Japanese Yen , on the other hand, is weighed down by a more dovish stance adopted by the Bank of Japan . Apart from this, the prevalent risk-on mood - as depicted by a generally positive tone around the equity markets - further dents the JPY's relative safe-haven status and lends additional support to the USD/JPY pair.
This, in turn, warrants some caution for aggressive bullish traders and before positioning for any further intraday appreciating move. The fundamental backdrop, however, suggests that the path of least resistance for thepair is to the upside. Trades now look to the US ISM Services PMI, due later during the early North American session. Apart from this, the US bond yields will drive the USD, which, along with the broader risk sentiment, should provide fresh impetus to the major.
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