The USD/JPY continues to fall off the cliff, dropping more than 1%, and is now more than 2% down in the week, as the pair breached key support levels.
USD/JPY falls more than 1.08%, breaking through key supports. Strong seller momentum; RSI suggests nearing oversold conditions. Key support at 151.86; resistance at 156.00 required for buyer control and Ichimoku Cloud breach. This is paving the way for further losses, and the pair trades at 153.11, down 1.08% on Wednesday. USD/JPY Price Analysis: Technical outlook The USD/JPY pair turned bearish after decisively breaching the Ichimoku Cloud , opening the door to test lower prices.
How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners.
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