The Japanese Yen (JPY) extends its gains for the second consecutive session on Tuesday.
The Japan ese Yen extended gains as Japan 's Yoshimasa Hayashi stated that authorities would respond appropriately to excessive currency volatility. The JPY appreciated as Japan ese authorities spent billions of dollars on a Yen-buying intervention. CME FedWatch Tool indicates 67.7% odds of a Fed rate cut in September, compared with 61.5% a week earlier. The Japan ese Yen extends its gains for the second consecutive session on Tuesday.
The 14-day Relative Strength Index is positioned above the 50 level, indicating upward momentum. Surpassing the upper threshold of the ascending channel pattern around 159.90 will reinforce the bullish sentiment, potentially driving the USD/JPY pair toward 160.32, the highest level since April and a major resistance point. On the downside, immediate support appears at the nine-day Exponential Moving Average at 158.60.
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