Japanese Yen consolidates against USD, looks to FOMC minutes for fresh impetus

The Japanese Yen (JPY) attracted some intraday sellers on Tuesday and assisted the USD/JPY pair to stall its modest pullback from the highest level since August, which was touched the previous day.

The Japanese Yen struggles to lure buyers amid uncertainty over future BoJ rate hikes. Hopes for a possible Hezbollah-Israel ceasefire further undermine the safe-haven JPY. Intervention fears cap USD/JPY amid subdued USD demand, ahead of FOMC minutes. The Japanese Yen attracted some intraday sellers on Tuesday and assisted the USD/JPY pair to stall its modest pullback from the highest level since August, which was touched the previous day.

Technical Outlook: USD/JPY seems poised to reclaim the 149.00 mark and prolong its recent appreciating move From a technical perspective, the emergence of some dip-buying on Tuesday comes on the back of last week's move beyond the 50-day Simple Moving Average for the first time since mid-July and favors bullish traders. Moreover, spot prices now seem to have found acceptance above the 148.00 mark, or the 38.2% Fibonacci retracement level of the July-September downfall.

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