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Japanese Yen sticks to modest gains against USD, not out of the woods yet
The Japanese Yen attracts some buyers and recovers a part of the post-US CPI slump on Wednesday. Intervention fears, along with a weaker risk tone, underpin the JPY and exert pressure on USD/JPY. The divergent Fed-BoJ policy expectations should limit any meaningful corrective slide for the pair.

From a technical perspective, the downtick could be attributed to some profit-taking amid overbought conditions on hourly charts. Any subsequent slide, however, is likely to stall near the 23.6% Fibonacci retracement level of the recent rally from the 150.80 area, or the monthly low touched last Friday. Some follow-through selling below the said support, around the 152.65 region, could drag the USD/JPY pair to the 152.30 zone, or the 38.2% Fibo. level, en route to the 152.00 mark. The latter represents a short-term trading range breakout point and should act as a strong near-term base for spot prices.

On the flip side, the 153.00 round figure might now offer some resistance ahead of the multi-decade peak, around the 153.25 region. A sustained strength beyond will be seen as a fresh trigger for bullish traders and set the stage for an extension of the USD/JPY pair's recent uptrend witnessed over the past month or so.

USD/JPY is the forex ticker that shows the value of the US Dollar against the Japanese Yen. It tells traders how many Yen are needed to buy a US Dollar. The Dollar-Yen is one of the most traded forex pairs - second only to EUR/USD - and is a benchmark for Asian economic health and even the global economy. View the live Dollar-Yen rate with the USD/JPY chart and improve your technical and fundamental analysis with the latest USD/JPY forecast, news and analysis.