Japanese Yen hangs near multi-month low against USD; bears have the upper hand

출처 Fxstreet
  • The Japanese Yen struggles to lure buyers amid wavering BoJ rate hike expectations.
  • The risk-on mood and the wider US-Japan yield differential also undermine the JPY.
  • Subdued USD demand acts as a headwind for USD/JPY ahead of the US CPI report.

The Japanese Yen (JPY) struggles to gain any meaningful traction and languishes near a multi-month low against its American counterpart amid doubts over the Bank of Japan's (BoJ) rate hike plans. Signs of broadening inflationary pressures in Japan keep the door open for a BoJ rate hike in January or March. Adding to this, BoJ Deputy Governor, Ryozo Himino, signaled on Tuesday that a rate hike remains a tangible possibility at the upcoming meeting. Himino's comments, however, lacked direct clues on the possibility of a January rate hike. Moreover, some investors are betting that the BoJ may wait until the spring negotiations before pulling the trigger. 

Meanwhile, the Federal Reserve's (Fed) hawkish shift in December has been a key factor behind the recent surge in the US Treasury bond yields. This resulted in the widening of the US-Japan yield differential, which, in turn, is seen as another factor undermining the lower-yielding JPY. Apart from this, the risk-on mood is holding back traders from placing bullish bets around the safe-haven JPY. That said, subdued US Dollar (USD) price action acts as a headwind for the USD/JPY pair ahead of the release of the latest US consumer inflation figures. The crucial US Consumer Price Index (CPI) report might influence the Fed's policy path and drive the USD demand. 

Japanese Yen bulls remain on the sidelines amid BoJ rate hike uncertainty

  • A fall in Japan's household spending and real wages for the fourth successive month in November amid higher prices, keeping the door open for a rate hike by the Bank of Japan in January or March.
  • BoJ Deputy Governor Ryozo Himino said on Tuesday that the central bank will discuss potentially raising the policy rate at the January meeting, though he did not strongly signal a hike next week.
  • Some economists think that the BoJ will assess US President-elect Donald Trump's economic policies and wait until the results of Japan's annual spring wage negotiations become available in March.
  • The Reuters Tankan poll showed that Japanese manufacturers' sentiment recovered in January after a dip last month, but their outlook remains flat due to uncertainty over proposed Trump policies.
  • The yield on the benchmark 10-year US government bond remains close to a 14-month high in the wake of growing acceptance that the Federal Reserve will pause its rate-cutting cycle later this month. 
  • Against the backdrop of the upbeat US Nonfarm Payrolls report released on Friday, a moderate rise in the US producer prices makes it difficult for investors to project the Fed's next moves on interest rates.
  • The Bureau of Labor Statistics (BLS) reported that the Producer Price Index rose 3.3% in December from a year earlier, marking a notable uptick from 3.0% previous, though it fell short of the 3.4% expected. 
  • The US Dollar extended Monday's retracement slide from over a two-year peak and acts as a headwind for the USD/JPY pair as traders now look to the US Consumer Price Index for a fresh impetus. 
  • The headline US CPI is expected to rise 0.3% in December and the yearly rate to 2.9% from 2.7% in November. The core CPI, meanwhile, is anticipated to hold steady and come in at a 3.3% YoY rate. 

USD/JPY technical setup favors bulls, sustained strength above 158.00 awaited

fxsoriginal

From a technical perspective, bulls are likely to wait for sustained strength and acceptance above the 158.00 mark before placing fresh bets. Given that oscillators on the daily chart are holding in positive territory and are still a distance away from being in the overbought zone, the USD/JPY pair might then aim to retest the multi-month top, around the 158.85-158.90 zone. Some follow-through buying above the 159.00 mark will set the stage for further gains towards the next relevant hurdle near the mid-159.00s before spot prices aim to reclaim the 160.00 psychological mark.

On the flip side, the 157.45 area now seems to protect the immediate downside ahead of the 157.00 mark. Any further slide could be seen as a buying opportunity around the 156.25-156.20 area, or last week's swing low. This should help limit the downside for the USD/JPY pair near the 156.00 mark, which if broken decisively might shift the near-term bias in favor of bearish traders and pave the way for some meaningful corrective decline.

Japanese Yen FAQs

The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.

One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.

Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.

The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

 

면책 조항: 정보 제공 목적으로만 사용됩니다. 과거 성과가 미래 결과를 보장하지 않습니다.
placeholder
에이브(AAVE) 전망: 강세 신호 강화…하락 채널 상단에서 ‘돌파 대기’Aave(AAVE)는 204달러 위에서 하락 평행 채널 상단을 재시험하는 가운데, 펀딩 비율이 0.0088%로 플러스 전환되고 롱/숏 비율이 1.01로 올라서는 등 강세 신호가 강화되며 상단 돌파 시 기술적 측정 목표 296.14달러를 향한 랠리 가능성이 부각되지만, 거절될 경우 201.08달러 지지선 재시험 리스크도 함께 남아 있다.
저자  Mitrade팀
어제 06: 58
Aave(AAVE)는 204달러 위에서 하락 평행 채널 상단을 재시험하는 가운데, 펀딩 비율이 0.0088%로 플러스 전환되고 롱/숏 비율이 1.01로 올라서는 등 강세 신호가 강화되며 상단 돌파 시 기술적 측정 목표 296.14달러를 향한 랠리 가능성이 부각되지만, 거절될 경우 201.08달러 지지선 재시험 리스크도 함께 남아 있다.
placeholder
밈코인 전망: 개인 자금 다시 붙었지만 DOGE·SHIB·PEPE는 ‘힘겨운 횡보’DOGE·SHIB·PEPE는 선물 미결제약정(OI)이 각각 14억 8,000만 달러·8,482만 달러·2억 5,352만 달러로 늘며 개인 수요가 재유입되는 가운데, DOGE는 0.1568 돌파/0.1332 이탈, SHIB는 0.00000900 돌파/0.00000817 이탈, PEPE는 0.00000521 돌파/0.00000395 재시험이 단기 방향성을 가를 핵심 레벨로 부각되고 있다.
저자  Mitrade팀
어제 06: 54
DOGE·SHIB·PEPE는 선물 미결제약정(OI)이 각각 14억 8,000만 달러·8,482만 달러·2억 5,352만 달러로 늘며 개인 수요가 재유입되는 가운데, DOGE는 0.1568 돌파/0.1332 이탈, SHIB는 0.00000900 돌파/0.00000817 이탈, PEPE는 0.00000521 돌파/0.00000395 재시험이 단기 방향성을 가를 핵심 레벨로 부각되고 있다.
placeholder
비트코인·이더리움·리플 전망: BTC·ETH ‘돌파 대기’, XRP는 1.96달러 지지선에서 균형비트코인(BTC)은 94,253달러 저항과 하락 추세선 돌파 여부에 따라 10만 달러 시나리오가 열릴 수 있고, 이더리움(ETH)은 50일 EMA 3,310달러 위 종가 안착 시 3,592달러를 향한 추가 상승 여지가 있는 반면, XRP는 1.96달러 지지선 유지 여부에 따라 2.35달러 반등 또는 1.77달러 하락 경로가 갈릴 수 있다는 분석이다.
저자  Mitrade팀
어제 05: 55
비트코인(BTC)은 94,253달러 저항과 하락 추세선 돌파 여부에 따라 10만 달러 시나리오가 열릴 수 있고, 이더리움(ETH)은 50일 EMA 3,310달러 위 종가 안착 시 3,592달러를 향한 추가 상승 여지가 있는 반면, XRP는 1.96달러 지지선 유지 여부에 따라 2.35달러 반등 또는 1.77달러 하락 경로가 갈릴 수 있다는 분석이다.
placeholder
금 가격, ‘리스크 온’에 숨 고르기…하지만 하방은 제한적이라는 시각 우세금(XAU/USD)은 리스크 온 분위기와 달러 소폭 반등으로 4,285~4,286달러 고점 이후 조정을 받았지만, 연준의 비둘기파 기대와 지정학 불확실성이 하방을 제한하는 가운데 4,245~4,250달러 돌파 구조가 유지되며 4,300달러 재돌파 시 4,328~4,330달러 및 4,380달러 구간을 향한 추가 상승 여지가 남아 있다는 분석이다.
저자  Mitrade팀
어제 05: 52
금(XAU/USD)은 리스크 온 분위기와 달러 소폭 반등으로 4,285~4,286달러 고점 이후 조정을 받았지만, 연준의 비둘기파 기대와 지정학 불확실성이 하방을 제한하는 가운데 4,245~4,250달러 돌파 구조가 유지되며 4,300달러 재돌파 시 4,328~4,330달러 및 4,380달러 구간을 향한 추가 상승 여지가 남아 있다는 분석이다.
placeholder
급등 코인: 시장 반등 속 Zcash·MYX·MemeCore 강세…핵심 저항선 앞 ‘다음 한 수’ 주목시장 반등 속 Zcash(ZEC)는 50일 EMA 돌파 후 500달러(512달러) 구간을 겨냥하고, MYX Finance(MYX)는 3.17달러(50일 EMA)와 2.69달러(200일 EMA) 사이 압축 구간에서 돌파 여부를 시험하는 한편, MemeCore(M)는 1.52달러 위 마감으로 이중바닥 돌파를 확정할 경우 1.76달러와 1.99달러 저항을 거쳐 2달러 재도전 시나리오가 열릴 수 있다는 분석이다.
저자  Mitrade팀
어제 03: 43
시장 반등 속 Zcash(ZEC)는 50일 EMA 돌파 후 500달러(512달러) 구간을 겨냥하고, MYX Finance(MYX)는 3.17달러(50일 EMA)와 2.69달러(200일 EMA) 사이 압축 구간에서 돌파 여부를 시험하는 한편, MemeCore(M)는 1.52달러 위 마감으로 이중바닥 돌파를 확정할 경우 1.76달러와 1.99달러 저항을 거쳐 2달러 재도전 시나리오가 열릴 수 있다는 분석이다.
goTop
quote