The Japanese Yen (JPY) inches lower against the US Dollar (USD) on Wednesday as investors assess the Bank of Japan's (BoJ) monetary policy outlook.
The Japan ese Yen receives downward pressure as traders assess BoJ's policy outlook. BoJ Ueda indicated to evaluate market and economic conditions before making any policy adjustments, signaling no urgency for rate hikes. The US Dollar faces challenges due to rising dovish sentiment surrounding the Fed’s policy outlook. The Japan ese Yen inches lower against the US Dollar on Wednesday as investors assess the Bank of Japan 's monetary policy outlook.
We are always monitoring the markets to ensure that does not happen, he added. Technical Analysis: USD/JPY remains near 143.50; aligns with the upper boundary of a descending channel USD/JPY trades around 143.40 on Wednesday. Analysis of the daily chart shows that the pair is moving within a descending channel, indicating a bearish bias. Additionally, the 14-day Relative Strength Index is slightly below the 50 level, confirming the bearish sentiment is in play.
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