USD/JPY recovered ground on Thursday, climbing back over the 155.00 handle after dipping to 153.60 on Wednesday.
USD/JPY pares away recent declines but still down from recent peaks. Japanese GDP contracts more than expected, battering Yen. Fed speak weighs on risk sentiment, but rate cut hopes remain. Japanese growth figures contracted more than expected, and Fed eral Reserve rate cut hopes are struggling beneath the weight of cautionary talking points from Fed officials. Japan’s Gross Domestic Product contracted more than expected in the first quarter, declining -0.
Despite risk appetite cooling slightly during the Thursday US market session, rate traders still expect the Fed to meet rate cut expectations. According to the CME’s FedWatch Tool, rate markets are pricing in 70% odds of a September rate trim of at least a quarter of a percent. USD/JPY technical outlook USD/JPY’s technical recovery on Thursday dragged the pair back over the 155.00 handle, but technical resistance sits nearby at the 200-hour Exponential Moving Average at 155.44.
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