The Japanese Yen (JPY) loses ground against its American counterpart for the second consecutive day on Tuesday and lifts the USD/JPY pair to over a one-week high, above mid-151.00s during the Asian session on Tuesday.
The Japanese Yen slides to over one-week trough against its American counterpart on Tuesday. Doubts over BoJ’s ability to hike rates further turn out to be a key factor undermining the JPY. Bets for a less dovish Fed acts as a tailwind for the USD and contributes to the modest uptick. The Japanese Yen loses ground against its American counterpart for the second consecutive day on Tuesday and lifts the USD/JPY pair to over a one-week high, above mid-151.00s during the Asian session on Tuesday.
00 confluence From a technical perspective, any subsequent move up is more likely to confront stiff resistance and remain capped near the 151.75-152.00 confluence. The said area comprises the 38.2% Fibonacci retracement level of the recent pullback from a multi-month high touched in November and the very important 200-day Simple Moving Average . Given that oscillators on the daily chart have recovered from negative territory, a sustained move beyond the 152.
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