The USD/JPY pair attracts some dip-buying on the first day of a new week and for now, seems to have stalled a three-day-old corrective decline from the 151.
USD/JPY regains some positive traction on Monday and snaps a three-day losing streak. A modest bounce in the US bond yields helps revive the USD demand and lends support. The lack of strong follow-through buying warrants caution for aggressive bullish traders. 70 area, or its highest level since October 2022 touched last Tuesday. Spot prices currently trade just above the mid-149.00s, up nearly 0.15% for the day, and draw support from a modest US Dollar uptick, though lack bullish conviction.
This marks a big divergence in comparison to the Federal Reserve's relatively hawkish outlook, leaving the door open for additional rate hikes in the wake of the US economic resilience. Investors, however, seem convinced that the US central bank will maintain the status quo in December and the bets were reaffirmed by softer-than-expected US monthly employment details released on Friday.
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