The Japanese Yen (JPY) continues its losing streak for the fourth consecutive session on Wednesday.
The Japan ese Yen edges lower as traders favor the US Dollar ahead of the Fed's interest rate decision. The Japan ese Yen may appreciate as PPI jumped 2.4% YoY in May, exceeding market expectations of a 2.0% rise. The US Dollar maintains its position as robust US jobs data for May has diminished the likelihood of a Fed rate cut in September. The Japan ese Yen continues its losing streak for the fourth consecutive session on Wednesday.
00 USD/JPY trades around 157.20 on Wednesday. Analysis of the daily chart suggests a bullish inclination as the pair consolidates within an ascending channel pattern. Additionally, the 14-day Relative Strength Index is above the 50 level, indicating a tendency for upward momentum. A significant hurdle is noticeable at the psychological level of 158.00. A breakthrough above this level could provide support, potentially guiding the USD/JPY pair toward the upper boundary near 158.80.
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