The Japanese Yen (JPY) remains on the defensive against its American counterpart on Monday and languishes near its lowest level since early August during the Asian session.
The Japanese Yen struggles to register any meaningful recovery against its American counterpart. The USD stands tall near a two-month top amid bets for a less aggressive policy easing by the Fed . The divergent BoJ- Fed policy expectations might cap any meaningful upside for the USD/JPY pair. The Japanese Yen remains on the defensive against its American counterpart on Monday and languishes near its lowest level since early August during the Asian session.
00 psychological mark From a technical perspective, the recent breakout through the 50-day Simple Moving Average barrier – for the first time since mid-July – and acceptance above the 38.2% Fibonacci retracement level of the July-September downfall favors bulls. This, along with positive oscillators on the daily chart, suggests that the path of least resistance for the USD/JPY pair remains to the upside. Some follow-through buying beyond last week's swing high, around the 149.55-149.
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