The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Friday and for now, seems to have snapped a two-day losing streak to its lowest level since early August touched the previous day.
The Japanese Yen attracts some buyers after verbal intervention from government authorities. Signs of easing inflation in Japan raise doubts about additional BoJ interest rate hikes this year. Bets for smaller rate cuts by the Fed underpin the USD and should lend support to the USD/JPY.
Technical Outlook: USD/JPY downside potential seems limited, setup supports prospects for the emergence of dip-buying From a technical perspective, the overnight breakout above the 150.00 psychological mark, or the top boundary of a three-day-old range held since the beginning of the week, could be seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart are holding comfortably in positive territory and are still away from being in the overbought zone.
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