The USD/JPY registered minimal gains on Tuesday after hitting a daily high of 146.37.
USD/JPY registers minimal gains, after briefly hitting 146.37. Sellers push the pair below 145.00, suggesting potential consolidation between 144.00-146.00. Key support levels: 144.00, August 6 low at 143.61, and August 2 bottom at 141.70. Resistance levels to watch: 145.00, August 5 peak at 146.37, and August 2 high at 149.77. Yet buyers' failure to keep prices above the 146.00 figure sponsored a retracement toward the 144.00 region. The pair trades at 144.61, gaining 0.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. 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.
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