The Japanese Yen (JPY) depreciates for the third successive session on Wednesday.
The Japan ese Yen struggles as the US Dollar gains momentum after Fed Chair Jerome Powell's testimony on Tuesday. The Bank of Japan is poised to assess a viable strategy for scaling back its government bond purchases. Powell stated that a rate cut is not appropriate until the Fed gains confidence that inflation is moving toward 2%. The Japan ese Yen depreciates for the third successive session on Wednesday.
The pair is maintaining its upward trajectory within an ascending channel pattern, suggesting a bullish bias according to daily chart analysis. Adding to this bullish outlook, the 14-day Relative Strength Index remains above the 50 level, reinforcing the strength of the upward trend. Looking ahead, the USD/JPY pair may target a critical resistance level near 162.70, positioned at the upper boundary of the ascending channel.
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