The USD/JPY pair scales higher for the third successive day on Monday and touched a four-day high, around the 132.80 region, albeit lacks follow-through. Spot prices trim a part of the intraday gains and trade around the 132.35 area during the early European session, up less than 0.15% for the day.
Reviving bets for further policy tightening by the Federal Reserve (Fed) push the US Dollar (USD) higher for the fourth straight day, which turns out to be a key factor acting as a tailwind for the USD/JPY pair. In fact, the markets are now pricing in a greater chance of a 25 bps lift-off at the next FOMC policy meeting in May and the bets were lifted by the mostly upbeat US employment details released on Friday. The intraday uptick, however, runs out to steam near the 132.80 region, warranting some caution for aggressive bullish traders.
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