USD/JPY Gains Ground On Risk-off Mood Ahead Of FOMC Minutes, Improves To Near 150.30

Image Source:  strengthens for the third consecutive trading day, supported by a stronger US Dollar (USD). This uptrend can be attributed to , which is biased towards the possibility of the Federal Reserve (Fed) refraining from implementing any rate cuts in the upcoming meetings in March and May. This sentiment has been reinforced by stronger data on consumer and producer prices released last week. The USD/JPY pair trades higher around 150.30 during the early European session on Tuesday.ANZ has forecasted that the Federal Reserve (Fed) could commence a rate-cutting cycle starting from July in mid-summer. According to the CME FedWatch Tool, there is a 53% probability of a 25 basis points rate cut by the US  in the June meeting.The US Dollar Index (DXY), which gauges the value of the  against six other major currencies, ends its four-day losing streak. The DXY trades higher around 104.30, with 2-year and 10-year yields on US bond coupons standing at 4.64% and 4.29%, respectively, at the time of writing.On the other side, Japanese Finance Ministry official Atsushi Mimura stated on Tuesday that the government “is continually communicating and coordinating with other countries regarding FX intervention.” He emphasized the importance of maintaining safety and securing liquidity in FX reserves management. Mimura mentioned that the government can sell assets such as savings and foreign bonds in FX reserves when intervention is deemed necessary.Moreover, Finance Minister Shunichi Suzuki remarked that while a weak Yen has both advantages and disadvantages, he expressed greater concern about the negative implications of a weak currency. In an earlier interview, Suzuki also noted, “The Bank of Japan (BoJ) holds jurisdiction over monetary policy. But there will come a time when interest rates rise.”Market participants will likely observe the Trade Balance data with Import and Export figures for January on Wednesday. Furthermore, the focus will shift to the Federal Open Market Committee’s (FOMC) meeting minutes. USD/JPY: ADDITIONAL IMPORTANT LEVELS

OVERVIEW Today last price 150.35 Today Daily Change 0.21 Today Daily Change % 0.14 Today daily open 150.14

 

TRENDS Daily SMA20 148.65 Daily SMA50 145.91 Daily SMA100 147.57 Daily SMA200 145.43

 

LEVELS Previous Daily High 150.28 Previous Daily Low 149.88 Previous Weekly High 150.89 Previous Weekly Low 148.93 Previous Monthly High 148.81 Previous Monthly Low 140.81 Daily Fibonacci 38.2% 150.03 Daily Fibonacci 61.8% 150.12 Daily Pivot Point S1 149.92 Daily Pivot Point S2 149.7 Daily Pivot Point S3 149.52 Daily Pivot Point R1 150.32 Daily Pivot Point R2 150.5 Daily Pivot Point R3 150.72

More By This Author:EUR/USD Price Analysis: Retreats From The Weekly High To Near 1.0770 GBP/USD Edges Lower To Near 1.2580 On improved US Dollar, UK PMI, FOMC Minutes AwaitedAUD/USD Loses Ground Below The Mid-0.6500s, Eyes On RBA Meeting Minutes, PBoC Rate Decision