JPY up 1% with markets focused on trade talks April 24 – Scotiabank
|Japanese Yen (JPY) is up an impressive 1.0% against the US Dollar (USD) but a mid-performer among the G10 currencies in an environment of material USD weakness, Scotiabank's Chief FX Strategist Shaun Osborne notes.
For USD/JPY, the 140 level is critical
"The gains are propelling the yen to a fresh local high and threatening a break to levels last seen in mid-2023. This week’s release calendar is relatively empty, leaving markets to focus on Japan’s trade negotiations with the US."
"Representatives are planning to hold their second round of negotiations on April 24. For USD/JPY, the 140 level is critical, having offered support in 2023 and 2024. A break should provide for medium-term weakness toward the 130/mid-120s area."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.