USD/JPY Updates the High of the Year
As the USD/JPY chart shows, the Japanese currency exchange rate exceeded 138.8 yen per dollar this morning – the last time such a yen rate against the US dollar was fixed was in November 2022.
The USD/JPY peak was helped by statements from the Fed on Monday, signaling that monetary policy could remain tight for a long time to bring inflation back to the 2% target.
Based on the technical analysis of the USD/JPY pair, it is acceptable to assume that the rate may roll back, as the bulls are hindered by:
→ the presence of offers above the level of 138.0 is noticeable by the bearish candle on Friday;
→ approaching the psychological level of 140 yen per US dollar;
→ 50% level of decline from October 2022 peaks to January 2023 lows;
→ median line of the ascending channel (1).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
The USD/JPY peak was helped by statements from the Fed on Monday, signaling that monetary policy could remain tight for a long time to bring inflation back to the 2% target.
Based on the technical analysis of the USD/JPY pair, it is acceptable to assume that the rate may roll back, as the bulls are hindered by:
→ the presence of offers above the level of 138.0 is noticeable by the bearish candle on Friday;
→ approaching the psychological level of 140 yen per US dollar;
→ 50% level of decline from October 2022 peaks to January 2023 lows;
→ median line of the ascending channel (1).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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