USD/JPY, H4 1 April 2024
The Japanese yen maintained its position amidst authorities' warnings of potential currency intervention. Japanese Prime Minister Fumio Kishida emphasised the government's readiness to address excessive currency market movements, signalling potential Bank of Japan intervention if deemed necessary. However, the yen's gains were tempered by bearish economic data, with expectations of a slowdown in core inflation in Japan's capital city, Tokyo, further impacting sentiment.
USD/JPY is trading lower following the prior retracement from the resistance level. Suggesting the pair might be trading flat since the RSI near the midline.
Resistance level: 151.95, 153.10📉
Support level: 150.80, 149.35📈
The Japanese yen maintained its position amidst authorities' warnings of potential currency intervention. Japanese Prime Minister Fumio Kishida emphasised the government's readiness to address excessive currency market movements, signalling potential Bank of Japan intervention if deemed necessary. However, the yen's gains were tempered by bearish economic data, with expectations of a slowdown in core inflation in Japan's capital city, Tokyo, further impacting sentiment.
USD/JPY is trading lower following the prior retracement from the resistance level. Suggesting the pair might be trading flat since the RSI near the midline.
Resistance level: 151.95, 153.10📉
Support level: 150.80, 149.35📈