USD/JPY: Fatigue, but no sign of reversal
Updated
Dear beloved friends,
Currently, the recent recovery of USD/JPY has stalled as it hovers around the strong resistance level at the psychological mark of 150, not far from the highest level of 152.00 in 2022. However, there are no signs of a reversal in the upward trend.
Furthermore, this pair is receiving support from a series of optimistic economic data from the United States (US).
Breaking above this level could potentially support the pair in exploring the area around the monthly high at 150.16, followed by the psychological level at 150.50.
By using Fibonacci extensions, surpassing the 150.00 level will provide additional upward momentum for USD/JPY, along with the completion of wave D as expected.
Currently, the recent recovery of USD/JPY has stalled as it hovers around the strong resistance level at the psychological mark of 150, not far from the highest level of 152.00 in 2022. However, there are no signs of a reversal in the upward trend.
Furthermore, this pair is receiving support from a series of optimistic economic data from the United States (US).
Breaking above this level could potentially support the pair in exploring the area around the monthly high at 150.16, followed by the psychological level at 150.50.
By using Fibonacci extensions, surpassing the 150.00 level will provide additional upward momentum for USD/JPY, along with the completion of wave D as expected.
Comment
According to S&P Global's assessment of the Japanese economy and monetary policy, the rating agency anticipates that policy interest rates in Japan could experience an upward trajectory, beginning in 2024.Comment
This positive US economic data has reignited a hawkish sentiment regarding the Federal Reserve's (Fed) interest rate trajectory, which could support underpinning the USD/JPY pair.Comment
The USD/JPY pair attracts some buying near the 149.555 area during the Asian session on Monday, albeit lacks follow-through and remains below a one-and-half-week high touched on Friday.Comment
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