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The USD/JPY pair is in search of clear signals for its near-term trajectory.

The Japanese yen, in tandem with the US dollar, is currently in a state of suspension, awaiting discernible cues. The present USD/JPY exchange rate is at 147.83.

The yen has found some support as investors meticulously dissect the outcomes of the Bank of Japan's recent meeting. There is a degree of optimism regarding Kazuo Ueda, the governor of the regulator, adopting a somewhat hawkish stance on interest rates, or at least that is the sentiment prevailing in the market.

Morning statistics from Japan painted a mixed picture. In December, imports recorded a year-over-year decline of 6.8%, beating the anticipated 5.3% decrease. Meanwhile, exports exceeded expectations with a 9.8% y/y increase, surpassing the forecasted 9.1%.

The trade balance in December showed a favorable outcome, sending a positive signal.

Trading activity is likely heightened, partially influenced by the weakened yen.

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The post JPY in a Holding Pattern: Overview for January 24, 2024 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: JPY in a Holding Pattern: Overview for January 24, 2024
Sourced From: blog.roboforex.com/blog/2024/01/24/jpy-in-a-holding-pattern-overview-for-january-24-2024/
Published Date: Wed, 24 Jan 2024 08:42:04 +0000

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