The Japanese Yen (JPY) prolongs its downtrend against its American counterpart for the seventh straight day and drops to over a four-month low during the Asian session on Wednesday.
The Japanese Yen dives to a multi-month low in the wake of the BoJ’s dovish hike on Tuesday. Hawkish Fed expectations underpin the USD and lend additional support to the USD/JPY pair. Intervention fears might cap the major ahead of the crucial FOMC monetary policy decision. The Japanese Yen prolongs its downtrend against its American counterpart for the seventh straight day and drops to over a four-month low during the Asian session on Wednesday.
Technical Analysis: USD/JPY could aim to retest a multi-decade top, around the 152.00 mark From a technical perspective, the recent solid bounce from the vicinity of the very important 200-day Simple Moving Average and a subsequent move beyond the 151.00 mark could be seen as a fresh trigger for bullish traders.
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