USD/JPY is trading in the 154.50s on Friday after declining to a low for the day in the 153.00s on the back of a spike in safe-haven demand that disproportionately favored the Japanese Yen (JPY).
USD/JPY whipsaws lower and then higher on alternating risk-on risk-off caused by Middle East tensions. Governor Ueda talks about defending the Yen from further weakness and currency-induced imported inflation. USD/JPY price chart shows bearish Hanging Man forming, boding ill for future price action. USD/JPY is trading in the 154.50s on Friday after declining to a low for the day in the 153.00s on the back of a spike in safe-haven demand that disproportionately favored the Japanese Yen .
Technical Analysis: USD/JPY looks to post bearish Hanging Man pattern USD/JPY looks like it may be positing a bearish Hanging Man candlestick pattern on Friday assuming the close does not differ markedly from the current market price. If the Hanging Man completes and is followed by a bearish candlestick on Monday it will confirm a short-term bearish reversal pattern and indicate lower prices are likely to follow.
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