The Japanese Yen (JPY) snapped recent losses on Thursday, spurred by comments from Bank of Japan (BoJ) board member Seiji Adachi on Wednesday.
The Japan ese Yen gained ground after comments from BoJ board member Seiji Adachi on Wednesday. Adachi suggested that it might be appropriate to raise rates if a weaker JPY leads to heightened inflation. Hawkish remarks from Minneapolis Fed President Neel Kashkari fueled risk aversion sentiment, bolstering the US Dollar. The Japan ese Yen snappedrecent losses on Thursday, spurred by comments from Bank of Japan board member Seiji Adachi on Wednesday.
50 The USD/JPY pair trades around 157.30 on Thursday. The daily chart shows a rising channel pattern, indicating the continuation of an upward trend in the market. Additionally, the 14-day Relative Strength Index remains above 50, confirming a bullish bias. The USD/JPY pair may potentially test the psychological level of 158.00, which aligns with the upper boundary of the rising channel. If this level is breached, the next target could be 160.32, marking its highest point in over thirty years.
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