USDJPY: USD demand weakens, concerns about intervention
Hello dear friends! Today, USD/JPY continues to trade within a range and there hasn't been much volatility compared to the beginning of the week.
Currently, the downward trend persists, although there has been a slight price adjustment at 150.06, marking a 0.06% increase for the day. So, what are the reasons and factors that have driven this currency pair?
In terms of influencing factors: The Japanese Yen weakened on Friday and moved away from its highest level in over two weeks. Uncertainty about the Bank of Japan's policies and the risk-on environment weakened the safe-haven JPY. The hawkish expectations of the Fed supported the USD and still provide momentum.
Regarding the new outlook for USD/JPY: On the 1-hour chart, USD/JPY is currently receiving strong support around the breakout level of 148.70. Breaking below this level would lead to a significant price decline, while maintaining this level would result in a price increase. It is expected that the price will continue to decrease further because the upward price momentum at this time has not yet been able to surpass the psychological level of 151.00.
Currently, the downward trend persists, although there has been a slight price adjustment at 150.06, marking a 0.06% increase for the day. So, what are the reasons and factors that have driven this currency pair?
In terms of influencing factors: The Japanese Yen weakened on Friday and moved away from its highest level in over two weeks. Uncertainty about the Bank of Japan's policies and the risk-on environment weakened the safe-haven JPY. The hawkish expectations of the Fed supported the USD and still provide momentum.
Regarding the new outlook for USD/JPY: On the 1-hour chart, USD/JPY is currently receiving strong support around the breakout level of 148.70. Breaking below this level would lead to a significant price decline, while maintaining this level would result in a price increase. It is expected that the price will continue to decrease further because the upward price momentum at this time has not yet been able to surpass the psychological level of 151.00.
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