USD/JPY, H4 20 March 2024
The Japanese yen faced significant downward pressure, tumbling to a four-month low, even as the Bank of Japan announced the end of its negative interest rate policy and quantitative easing
measures. Market participants, having already factored in the policy change, engaged in profit-taking, leading to a sharp decline of over 1% in the yen's value. However, the possibility of further monetary policy tightening by the BOJ in response to persistent high inflation could offer
support to the yen in the future, warranting continued vigilance among investors for trading cues.
USD/JPY is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 151.95, 153.10📉
Support level: 150.80, 149.35📈
The Japanese yen faced significant downward pressure, tumbling to a four-month low, even as the Bank of Japan announced the end of its negative interest rate policy and quantitative easing
measures. Market participants, having already factored in the policy change, engaged in profit-taking, leading to a sharp decline of over 1% in the yen's value. However, the possibility of further monetary policy tightening by the BOJ in response to persistent high inflation could offer
support to the yen in the future, warranting continued vigilance among investors for trading cues.
USD/JPY is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 151.95, 153.10📉
Support level: 150.80, 149.35📈