The Japanese Yen (JPY) continues to gain ground on Monday as traders remain cautious ahead of the Bank of Japan’s (BoJ) policy meeting on Wednesday which could see a potential rate hike.
The Japan ese Yen appreciates as BoJ could increase rates by 10 basis points on Wednesday. The Bank of Japan is widely expected to announce its bond purchase tapering plans. The US Dollar depreciates as signs of cooling inflation have fueled the odds of three rate cuts by the Fed in 2024. The Japan ese Yen continues to gain ground on Monday as traders remain cautious ahead of the Bank of Japan ’s policy meeting on Wednesday which could see a potential rate hike.
Additionally, the 14-day Relative Strength Index is below the 30 level, signaling an oversold situation and suggesting a potential short-term rebound. A break below the lower boundary of the descending channel around the level of 153.00 could exert downward pressure, potentially pushing the USD/JPY pair to revisit May's low of 151.86. Additional support may be found at the psychological level of 151.00.
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