The Japanese Yen (JPY) remains subdued against the US Dollar (USD) following the Bank of Japan’s (BoJ) minutes from its July policy meeting released on Thursday.
The Japan ese Yen receives downward pressure as traders expect the BoJ to delay further rate hikes. The BoJ Meeting Minutes highlighted a consensus among members on the need to remain vigilant regarding inflation risks. Traders await US Gross Domestic Product Annualized for the second quarter, scheduled for Thursday. The Japan ese Yen remains subdued against the US Dollar following the Bank of Japan ’s minutes from its July policy meeting released on Thursday.
We are always monitoring the markets to ensure that does not happen, he added. Technical Analysis: USD/JPY breaks above the descending channel to near 145.00 USD/JPY trades around 145.00 on Thursday. Analysis of the daily chart shows that the pair has breached above the descending channel, indicating a potential for a weakening of bearish bias. Additionally, the 14-day Relative Strength Index has moved above the 50 level, suggesting a momentum shift to bullish from bearish sentiment.
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