The Japanese Yen (JPY) kicks off the new week on a slightly positive note against its American counterpart and looks to build on Friday's modest recovery from the vicinity of the lowest level since early August.
The Japanese Yen attracts some follow-through buying amid fears of a government intervention. The uncertainty over the BoJ’s rate-hike plans and the upbeat mood could cap the safe-haven JPY. Bets for a less aggressive Fed easing may underpin the USD and lend support to the USD/JPY pair. The Japanese Yen kicks off the new week on a slightly positive note against its American counterpart and looks to build on Friday's modest recovery from the vicinity of the lowest level since early August.
The US Dollar stalls its corrective pullback from the highest level touched since early August last Thursday, which, in turn, might act as a tailwind for the USD/JPY pair. Technical Outlook: USD/JPY could accelerate the corrective decline once the 148.85 horizontal support is broken From a technical perspective, oscillators on the daily chart are holding in positive territory and warrant caution before placing aggressive bearish bets. That said, weakness below the 149.00 mark and the 148.
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