JPY up 1% with markets focused on trade talks April 24 – Scotiabank

FXStreet Insights Team FXStreet

Japanese Yen (JPY) is up an impressive 1.0% against the US Dollar (USD) but a mid-performer among the G10 currencies in an environment of material USD weakness, Scotiabank's Chief FX Strategist Shaun Osborne notes.

For USD/JPY, the 140 level is critical

"The gains are propelling the yen to a fresh local high and threatening a break to levels last seen in mid-2023. This week’s release calendar is relatively empty, leaving markets to focus on Japan’s trade negotiations with the US."

"Representatives are planning to hold their second round of negotiations on April 24. For USD/JPY, the 140 level is critical, having offered support in 2023 and 2024. A break should provide for medium-term weakness toward the 130/mid-120s area."

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FXStreet Insights Team

FXStreet

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