USDJPY: 147.50 support brings some correction
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In general, USDJPY has experienced significant price fluctuations, reaching around 150.89 and consistently trading sideways around 149.00. Currently, the price has quickly surpassed 149.00, trading at 147.81, marking a 0.15 decrease for the day.
Latest information on USDJPY: The USD/JPY pair has dropped to a new 5-week low below 148.00 in the early Asian trading hours on Friday. The US dollar is weaker, and speculations are growing that the Bank of Japan will move away from its extremely loose monetary policy stance, which has supported the Japanese yen and caused some selling pressure on this currency pair.
Regarding the latest outlook for USDJPY: On the 4-hour chart, with the possibility of forming a cup and handle pattern, I expect it to correct back. The current support level is the recent low at 147.55, breaking below this level will lead to a significant price decrease, while maintaining this level will contribute to a price increase. It is expected that the price will recover after the correction and test the EMA 34 and 89.
In general, USDJPY has experienced significant price fluctuations, reaching around 150.89 and consistently trading sideways around 149.00. Currently, the price has quickly surpassed 149.00, trading at 147.81, marking a 0.15 decrease for the day.
Latest information on USDJPY: The USD/JPY pair has dropped to a new 5-week low below 148.00 in the early Asian trading hours on Friday. The US dollar is weaker, and speculations are growing that the Bank of Japan will move away from its extremely loose monetary policy stance, which has supported the Japanese yen and caused some selling pressure on this currency pair.
Regarding the latest outlook for USDJPY: On the 4-hour chart, with the possibility of forming a cup and handle pattern, I expect it to correct back. The current support level is the recent low at 147.55, breaking below this level will lead to a significant price decrease, while maintaining this level will contribute to a price increase. It is expected that the price will recover after the correction and test the EMA 34 and 89.
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