The Japanese Yen (JPY) registered heavy losses against its American counterpart on Tuesday and reversed a major part of the previous day's sharp gains led by a possible intervention by Japanese authorities.
The Japanese Yen continues to be undermined by the divergent BoJ- Fed policy expectations. Bets that the Fed will keep rates higher for longer, lift the USD, and lend support to USD/JPY. The risk-off impulse underpins the safe-haven JPY and caps gains ahead of the FOMC decision. The Japanese Yen registered heavy losses against its American counterpart on Tuesday and reversed a major part of the previous day's sharp gains led by a possible intervention by Japanese authorities.
The focus, meanwhile, remains on the crucial FOMC policy decision, scheduled to be announced later during the US session, which will influence the USD and provide a fresh directional impetus to the USD/JPY pair. Heading into the key central bank event risk, traders on Wednesday will take cues from the US macroeconomic releases – the ADP report on private-sector employment, JOLTS Job Openings and ISM Manufacturing PMI. Technical Analysis: USD/JPY bulls now await strength beyond the 158.
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