The USD/JPY pair attracts some buyers near the 148.15 region, or a one-week low touched during the Asian session on Tuesday and climbs to a fresh dail
USD/JPY stages a modest intraday recovery from a one-week trough touched earlier this Tuesday. The uptick lacks follow-through in the wake of retreating US bond yields and subdued USD demand. The mixed technical setup warrants some caution before positioning for a firm near-term direction. y peak in the last hour. Spot prices, however, remain confined in a familiar range held over the past week or so and currently trade around the 148.60-148.65 area, up less than 0.10% for the day.
The latter should act as a key pivotal point, below which the USD/JPY pair is likely to accelerate the fall towards the 147.30 area, or the lowest level since September 14 touched last Tuesday. This is followed by the 147.00 round figure, which if broken will suggest that spot prices have topped out in the near term and pave the way for some meaningful depreciating move. On the flip side, any subsequent move up might now confront a stiff barrier near the 149.00 mark ahead of the 149.30-149.
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