The USD/JPY pair struggles to capitalize on the intraday move up of over 50 pips from levels just below mid-148.00s and trade in neutral territory dur
USD/JPY seesaws between tepid gains/minor losses through the European session on Wednesday. A positive risk tone, and the BoJ’s dovish stance, undermine the JPY and lend support to the pair. Retreating US bond yields keeps the USD bulls on the defensive and continues to act as a headwind. Traders now look to the US PPI and the FOMC meeting minutes for some meaningful opportunities. ing the first half of the European session on Wednesday. Spot prices remain below the 149.
This has been a key factor behind a further decline in the US treasury bond yields, which removes some of the driving force behind a stronger Greenback. Heading into the key data risk, the aforementioned fundamental backdrop might continue to cap gains for the USD/JPY pair. Any meaningful downside, however, still seems elusive as the markets are still pricing in a small possibility of at least one more Fed rate hike move by the end of this year.
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