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April 20 — On Monday, the USD/JPY is trading within a narrow range at 159, with geopolitical instability periodically supporting defensive yen purchases. The main fundamental dilemma is that the Bank of Japan is likely to make a "hawkish pause" in April, with actual policy being postponed to June; the market is balancing between an unfavorable interest rate differential and expectations of a rate hike. As the long Golden Week holidays approach, tightening liquidity could amplify intraday fluctuations.
On Monday, (April 20), the USD/JPY (USD/JPY) showed narrow fluctuations during the Asian and European trading sessions, with bulls and bears battling near the 159.00 level. The primary driver of the day was global geopolitical uncertainty. Despite positive signals from Islamabad negotiations, the weak response from both sides to the second round of talks once again increased demand for safe-haven assets. This contributed to a moderate strengthening of the yen due to defensive buying, and
USD/JPY
retracted from morning highs and fell to a low of 158.80.