USD/JPY sticks to gains near multi-week high, eyeing a move beyond 116.00 amid risk-on By HareshMenghani USDJPY GDP RiskAppetite Ukraine Currencies
and gained follow-through traction for the third successive day on Wednesday. A downward revision of the domestic growth undermined the Japanese yen, which was further pressured by a strong recovery in the risk sentiment. This, in turn, was seen as a key factor that acted as a tailwind for the USD/JPY pair.
According to the revised data released earlier this Wednesday, Japan's economy expanded by 1.1% during the October-December period as against the preliminary reading of 1.3%. Adding to this, the yearly GDP growth rate stood at 4.6% as compared to the 5.4% rise estimated previously. The data raised concerns over a further downside risk amid the Ukraine crisis and persistent supply disruptions.
Bullish traders further took cues from a goodish rebound in the equity markets and an uptick in the US Treasury bond yields. The recent monster gains in commodity prices that followed Russia's invasion of Ukraine fueled worries about a major inflationary shock for the global economy and stagflation fears. This, in turn, acted as a tailwind for the US bond yields and should limit the USD losses.
The fundamental backdrop seems tilted in favour of bullish traders and a move beyond the 116.00 mark, towards testing the YTD high, around the 116.35 region touched in February. Wednesday's US economic docket highlights the release of JOLTS Job Openings later during the early North American session.
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