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The Japanese yen is gaining strong positive momentum in response to hawkish statements from Bank of Japan board member Hajime Takata. Additionally, an overall weaker tone in the stock markets provides an additional boost to the yen as a safe-haven currency. Along with the moderate weakness of the U.S. dollar, this leads to a decline in the USD/JPY pair to a weekly low.
Nevertheless, crucial inflation data in the United States will impact future decisions of the Federal Reserve, which, in turn, will contribute to the rise of the U.S. dollar and give a new directional impetus to the USD/JPY pair.
From a technical standpoint, a drop below the psychological level of 150.00 likely has set the stage for further depreciation. Subsequent sales below this region will confirm a negative bias and drag the USD/JPY pair towards intermediate support at 149.200 on the way to the round figure of 149.00. A convincing breakthrough below the latter may shift the short-term bias in favor of bears, paving the way for a significant decline.
On the other hand, the area around 150.90 continues to act as immediate strong resistance. Above this level, the USD/JPY pair will accelerate its positive movement towards the barrier of 151.45. Beyond that, the momentum can push spot prices to the level of 152.00, or the multi-year high set in October 2022 and retested in November 2023.
The table below shows the percentage change of the Japanese yen against major currencies as of today.
The Japanese yen was the weakest against the Australian dollar.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
