The Japanese Yen (JPY) is afloat and moves sideways above 160.00 against the US Dollar (USD) on Tuesday. Traders are staying out of the Japanese Yen, as the Bank of Japan (BoJ) is holding a consultation round with several bond market participants.
The Japan ese Yen trades sideways, holding above 160.00 against the US Dollar. The BoJ is holding consultation rounds with bond market participants. The US Dollar Index hovers around 105.00, with French election euphoria fading fast. The Japan ese Yen is afloat and moves sideways above 160.00 against the US Dollar on Tuesday. Traders are staying out of the Japan ese Yen, as the Bank of Japan is holding a consultation round with several bond market participants.
USD/JPY Technical Analysis: Holding for now The Japanese Yen has not been able to use the momentum from late last week after a very soft retreat towards 160.00 against the US Dollar, just enough to push the Relative Strength Index out of the overbought area. With the BoJ stepping up its consultations with bond market participants, pressure is building towards the end of July for a rate hike. On the downside, the pivotal level near 160.32 is working as support and triggered a bounce on Monday.
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