USD/JPY holds ground above 150.30, FOMC Minutes eyed

USD/JPY rebounds to 150.32 on the firmer US dollar in Tuesday’s early Asian session.
Finance Minister Shunichi Suzuki said he was more concerned about the negative aspects of a weak currency.
Investors anticipate the first 25 basis points (bps) rate cut in 2024 as early as June.

Lallalit Srijandorn FXStreet

The USD/JPY pair holds above the 150.00 psychological mark during the early Asian trading hours on Tuesday. The pair edges higher on the day due to the renewed US Dollar (USD) demand. Meanwhile, the US Dollar Index (DXY), which tracks six major currencies to gauge the USD’s value, recovers to 104.35. USD/JPY currently trades near 150.32, up 0.12% on the day.

With inflation exceeding its 2% target over a year, the Bank of Japan (BoJ) has signaled that it will end its negative interest rate policy in the coming months. BoJ Governor Kazuo Ueda said on Friday that the central bank will examine whether to maintain various easing measures, including a negative interest rate, when sustained, stable achievement of the price target comes into sight.

The upside of the USD/JPY pair might be capped due to the verbal intervention from the Japanese authorities. Finance Minister Shunichi Suzuki said that while a weak Yen has merits and demerits, he was more concerned about the negative aspects of a weak currency.

On the other hand, Federal Reserve (Fed) Chair Jerome Powell has pushed back against the expectation of interest rate cuts, and investors expect the first 25 basis points (bps) rate cut in 2024 as early as June. The FOMC Minutes on Wednesday might offer some hints about further monetary policy, given recent signs of stubborn inflationary pressures.

Moving on, Japan’s Trade Balance will be due on Wednesday ahead of the FOMC Meeting Minutes. Traders will also focus on the Fed's Bostic and Bowman speech. On Thursday, the preliminary Japanese Jibun Bank PMI for February will be released.

USD/JPY

Overview
Today last price	150.32
Today Daily Change	0.18
Today Daily Change %	0.12
Today daily open	150.14

Trends
Daily SMA20	148.65
Daily SMA50	145.91
Daily SMA100	147.57
Daily SMA200	145.43

Levels
Previous Daily High	150.28
Previous Daily Low	149.88
Previous Weekly High	150.89
Previous Weekly Low	148.93
Previous Monthly High	148.81
Previous Monthly Low	140.81
Daily Fibonacci 38.2%	150.03
Daily Fibonacci 61.8%	150.12
Daily Pivot Point S1	149.92
Daily Pivot Point S2	149.7
Daily Pivot Point S3	149.52
Daily Pivot Point R1	150.32
Daily Pivot Point R2	150.5
Daily Pivot Point R3	150.72

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.