The Japanese Yen (JPY) continues to depreciate for the second consecutive day after the Bank of Japan (BoJ) released its Summary of Opinions from the September monetary policy meeting.
Currently, USD/JPY is trading around 144.11. The daily chart analysis shows that the pair has re-entered an ascending channel pattern, indicating that the bullish trend remains intact. Additionally, the 14-day Relative Strength Index (RSI) is slightly below the 50 level, and a break above this could further confirm the continuation of the bullish trend.
Idea update: The upward trend is likely to continue if the technical resistance level is breached and fundamental factors continue to support the USD.
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