USDJPY edged lower on Wednesday
USDJPY edged lower on Wednesday, stepping off its multi-decade high established in the previous session when the pair hit 154.78. Should the downturn reversal gain momentum later this week, support can be spotted at 153.20 and 152.00 thereafter. Below these levels, 150.80 may become a focal point.
Conversely, if USDJPY resumes its rally, resistance looms at 154.78, followed by 156.00, the upper limit of a short-term ascending channel. Despite the pair’s bullish bias, caution is warranted due to overbought market conditions and the growing possibility of FX intervention by the Japanese government.
Conversely, if USDJPY resumes its rally, resistance looms at 154.78, followed by 156.00, the upper limit of a short-term ascending channel. Despite the pair’s bullish bias, caution is warranted due to overbought market conditions and the growing possibility of FX intervention by the Japanese government.
Comment:
One thing to note is that over the past several months, despite global instability, the USDJPY pair has still increased, proving that the USD is still more favored. However, the RSI indicator is in the overbought zone and shows signs of turning down. If the correction takes place, it may not be too negative and the main trend will still be uptrend.
Comment:
USDJPY rose 0.4% to a session high of 155.37 on Wednesday, marking the first time since June 1990 that the pair exceeded 155. USDJPY traded at 155.21 as of 5:27 a.m. this morning.
Comment:
USD/JPY decreased slightly from the peak to 155.97 before BOJ Governor Ueda's speech.
The BOJ's policy decision hasn't yielded much, and based on recent inflation data, it's hard to see an overly hawkish approach from Ueda. But that could be taken to mean they are comfortable with allowing the yen to fall further.
Ueda prepares to start the press conference. And usually, it will last about an hour or so. USD/JPY rose 0.2% to 155.97 on the day but was down from around 156.20 previously.
The BOJ's policy decision hasn't yielded much, and based on recent inflation data, it's hard to see an overly hawkish approach from Ueda. But that could be taken to mean they are comfortable with allowing the yen to fall further.
Ueda prepares to start the press conference. And usually, it will last about an hour or so. USD/JPY rose 0.2% to 155.97 on the day but was down from around 156.20 previously.
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Japanese Deputy Minister of Finance in charge of international affairs Kanda continued to intervene in currency with words, affirming the G7 statement reaffirming foreign exchange commitments based on Japan's stance
BoJ official Noguchi affirmed the need to maintain ultra-loose monetary policy
USDJPY decreased slightly to 154.15.