USD/JPY recovers from the recent losses, trading higher around 148.90 during the early European session on Friday. The pair finds support on the upsid
USD/JPY receives upward support due to the rebound in the US Dollar. Former Fed Vice Chair Clarida expects adjustment in the BoJ's approach by early 2024. Fed's hawkish stance on policy rate trajectory provides strength to the US Bond yields. e, which could be attributed to the rebound in the US Dollar following improved US Treasury yields. Japan’s Labor Cash Earnings remained consistent at 1.1% in August, contrasting with the market expectations of 1.5%.
The Greenback’s correction comes after reaching an 11-month high earlier this week. US Treasury yields hold steady, maintaining their positions near multi-year highs. Market participants are exercising caution due to the US Federal Reserve's hawkish stance on the trajectory of interest rates. The 10-year US Treasury yield remains above 4.70%, close to its highest level since 2007.
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