USD/JPY - Overview as of 29.11.2024
Published on 29.11.2024 12:06
The Japanese Yen strengthened by 1% on Friday, reaching a six-week peak of 150 yen per dollar. The rise came amid unexpectedly high inflation in Tokyo, which reinforced expectations of an interest rate hike by the Bank of Japan in December. Meanwhile, the U.S. dollar weakened against most major currencies, which also supported the yen. The markets are trading quietly due to the Thanksgiving holiday in the US. The range between 147.50 and 150.00 may act as a support zone for USDJPY. As long as the price does not consolidate under it, there is a probability of resumption of quotes growth.