The Japanese Yen (JPY) edges lower on Friday, possibly influenced by the reduced Japanese Foreign Reserves released by the Ministry of Finance for May.
The Japan ese Yen depreciates as investors turn cautious ahead of the US NFP. Japan ’s Foreign-exchange reserves fell to $1,231 billion in May, marking the lowest level since February 2023. The US Dollar struggles due to rising hopes for two interest rate cuts by the Fed in 2024. The Japan ese Yen edges lower on Friday, possibly influenced by the reduced Japan ese Foreign Reserves released by the Ministry of Finance for May.
Immediate support for the USD/JPY pair could be found at the psychological level of 155.00. Further support appears at the 50-day Exponential Moving Average at 154.73. A break below this level could increase pressure on the pair, potentially leading it toward the throwback support region around 151.86. On the upside, a key barrier is evident at the upper threshold of the symmetrical triangle.
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