The Japanese Yen (JPY) weakened for the second straight day on Monday (6/16), pushing the USD/JPY pair to the 144.75 area during the Asian session, albeit without any follow-through.
Expectations that the Bank of Japan (BoJ) may not raise interest rates again this year, along with a generally positive tone around equity markets, undermined the safe-haven JPY. However, investors seemed confident that the central bank will stick to its path towards policy normalization amid broadening inflation.
This, along with rising geopolitical tensions in the Middle East, should help limit any deeper losses for the JPY. Traders also seemed reluctant and preferred to wait for the key BoJ decision on Tuesday to determine the next leg of a directional move for the JPY.
This week, investors will further take cues from the outcome of the two-day FOMC policy meeting on Wednesday, which will play a key role in influencing the near-term US Dollar (USD) price dynamics and provide some meaningful impetus to the USD/JPY pair. (alg)
Source: FXstreet
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