The Japanese Yen (JPY) retreats further from over a one-week top touched against the rebounding US Dollar (USD) during the Asian session on Friday, pushing the USD/JPY pair to a fresh daily peak, around the 143.75 area in the last hour.
Reports that the Bank of Japan (BoJ) will keep the benchmark rate steady at 0.5% at its upcoming meeting next week turn out to be a key factor weighing on the JPY. Investors, however, seem convinced that the BoJ will stick to the path toward policy normalization amid the broadening inflation in Japan.
Adding to this, a sharp escalation of geopolitical tensions in the Middle East and persistent trade-related uncertainties should act as a tailwind for the safe-haven JPY.
Moreover, the growing acceptance that the Federal Reserve (Fed) will lower borrowing costs further this year might hold back the USD bulls from placing aggressive bets and contribute to capping any meaningful upside for the USD/JPY pair. Nevertheless, the currency pair remains on track to end in the red for the first time in three weeks and seems vulnerable.
Source: FXStreet
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