$USDJPY Technical Analysis: Bull’s Control Remains Strong
Enter your emailWith the beginning of this week’s trading, the price of the US dollar against the Japanese yen returned to stability above the 130.00 psychological resistance, its highest in 20 years.
After its last rate-setting meeting ends on Wednesday, the Fed will almost certainly announce that it is raising its benchmark short-term interest rate by half a percentage point — the largest rate increase since 2000. Moreover, the Fed is also expected to announce tomorrow, Wednesday, that it will quickly begin to reduce its massive stock of Treasury and mortgage bonds starting in June - a move that will have the effect of further credit tightening. Fed Governor Jerome Powell and the Federal Reserve will take these steps largely in secret. No one knows how far the central bank's short-term interest rate must go to slow the economy and curb inflation.
According to the technical analysis of the pair: There is no doubt that the return of the stability of the USD/JPY currency pair around and above the 130.00 psychological resistance will continue to support the strength of the upward trend.
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