Dear friends, Today, the USD/JPY pair has risen higher and partially reversed the modest retreat from the psychological level of 150.00 or above the highest level in two weeks. At the time of writing, it is currently trading around 149.88 and becoming increasingly tense as it faces immediate resistance at 149.95.
From my personal perspective, UJ may test the support level once again before gaining strong upward momentum towards 150.00. Breaking through this resistance level will serve as a strong impetus to further propel this currency pair towards higher levels around 150.20 on the upward channel. What are your thoughts on UJ's future?
From my personal perspective, UJ may test the support level once again before gaining strong upward momentum towards 150.00. Breaking through this resistance level will serve as a strong impetus to further propel this currency pair towards higher levels around 150.20 on the upward channel. What are your thoughts on UJ's future?
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With rising Israel-Hamas tensions, the yen's safe-haven appeal has been temporarily overshadowed by the aforementioned dovish comments but intervention around these levels could be in the works.
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This week will focus mainly on US-specific factors but the Fed's preferred measure of inflation (the PCE price index) will matter most. Other important data includes durable goods orders, Michigan consumer sentiment and GDP.
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