USD/JPY Trend Today - Maintaining UptrendUSD/JPY news:
🔆The US dollar (USD) strengthened alongside rising US Treasury yields, with the US Dollar Index (DXY), which tracks the greenback against six major currencies, reaching 107.30. Meanwhile, the yield on the benchmark 10-year US Treasury note peaked at 1.17% for the day.
🔆In recent developments, US President Donald Trump has initiated an investigation into potential tariffs on copper imports to boost domestic production of this essential metal. Additionally, he reaffirmed that tariffs on Canada and Mexico will be implemented after the current one-month delay period ends next week.
🔆The Bank of Japan (BoJ) is expected to raise interest rates from 0.50% to 0.75% this year. According to Bloomberg, overnight index swaps indicate full pricing of a rate hike by September, with a 50% probability of an earlier move as soon as June.
🔆On the economic front, Japan's Tokyo Core CPI y/y came in at 2.2%, slightly below the expected 2.3%. Preliminary Industrial Production m/m declined by 1.1%, missing forecasts of a 1.0% drop. Meanwhile, Retail Sales y/y matched expectations at 3.9%.
Personal Opinion:
🔆In the short term, USD/JPY is likely to strengthen due to the continued strength of the US dollar, combined with weak economic data from Japan.
Analysis:
🔆Based on the trend line and important resistance - support levels to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy USD/JPY 149.80 – 149.60
❌SL: 149.30 | ✅TP: 150.30– 150.80 – 151.20
FM wishes you a successful trading day 💰💰💰
