USD/JPY Targeting a New 24 Year High around 144.60

The United States Dollar reaches 20 year high, and this has become the core factory driving the USD/JPY. Despite heterogeneous United States employment data which was published last Friday, Strong anticipation of the Fed tightening monetary policy keeps supporting the performance of the USD in the FX market.

Frankly, the market is already weighing the possibility of a 75 basis points rate hike by the Federal Reserve. This is expected to be dictated during this month’s (September) gathering. On the contrary, the BoJ (Bank of Japan) stuck to its very mild monetary policy stand. Consequently, the difference between the Federal Reserve and the Bank of Japan keeps weakening the JPY and supplying more help to the USD/JPY pair.

Additional Happenings Influencing the Price of USD/JPY

Moving on, signs of the money market becoming stable, may negatively impact the Safe-haven request for JPY. Also, this will then aid the possibility of prolonging the uptrend for three weeks. Nevertheless, investors appear to be unwilling and the significantly low liquidity situation on the back of the Labour Day holiday in the United States, and mildly highly bought RSI on the 24-hour chart. And this affects the USD/JPY pair.

However, the basic background remains tilted firmly in favor of buyers. And, this will suggest that significant setbacks might be viewed as chances for buying, and may be restricted.

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