USD/JPY hovers around cycle high on low volume session USDJPY Majors
ets are relatively quiet. Investors seem to be consolidating gains after the USD/JPY pair increased more than 100 pips on Friday. The week’s focus remains on economic data from the US, released throughout the next sessions, Chair Powell's testimony before the US Congress and the Bank of Japan minutes out on Tuesday.Last Wednesday, Jerome Powell stated that the Federal Reserve opted for a hike pause, and that officials needed additional information to assess its implications on.
The USD/JPY has a bullish outlook in the short term, as per the daily chart. The Relative Strength Index and Moving Average Convergence Divergence are both in positive territory, and the pair trades above its main moving averages, indicating that the buyers are in charge. If USD/JPY manages to move higher, the next resistances to watch are at the 142.00 zone, followed by the 142.50 area and the 143.00 zone. On the other hand, the 141.50 area is the immediate support level for
. A break below this level could pave the way towards the 20-day Simple Moving Average at the 139.90 area and then to the 139.20 zone.
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