USD/JPY Rises Strongly with EMA Support and BoJ Policy
Updated
The USD/JPY pair is currently trading around 146.716, with an upward trend supported by the trendline.
The chart shows that the EMA 34 is supporting the price, while the EMA 89 provides a support zone around 146. The EMA 34 crossing above the EMA 89 signals a short-term uptrend.
The RSI is at 68.04, indicating that USD/JPY is nearing overbought territory. This could lead to a short-term correction as the price approaches the resistance zone.
If the price breaks through the 147.300 resistance level, the upward trend could continue strongly, with the next target possibly at 148.286 or higher.
As for news: The Bank of Japan (BoJ) continues to maintain its loose monetary policy, creating a significant interest rate differential between the USD and JPY, driving this currency pair higher.
The chart shows that the EMA 34 is supporting the price, while the EMA 89 provides a support zone around 146. The EMA 34 crossing above the EMA 89 signals a short-term uptrend.
The RSI is at 68.04, indicating that USD/JPY is nearing overbought territory. This could lead to a short-term correction as the price approaches the resistance zone.
If the price breaks through the 147.300 resistance level, the upward trend could continue strongly, with the next target possibly at 148.286 or higher.
As for news: The Bank of Japan (BoJ) continues to maintain its loose monetary policy, creating a significant interest rate differential between the USD and JPY, driving this currency pair higher.
Trade active
Today, September 3rd, 2024, the USD/JPY pair continues to trade within the framework of a developing triangle pattern. Currently, the USD/JPY exchange rate is at 146.28. The market is indicating a short-term bearish trend, with pressure from USD sellers. Technical indicators suggest that the price might rise to test the resistance area around 147.05 before potentially reversing and falling below 140.45.Trade active
On September 4, 2024, USD/JPY dropped by 144 pips due to external market pressures and the strengthening of the Japanese yen. The pair may continue to decline towards the 143.60 support level, and if it breaks below that, the next target range is 139.70-140.27.
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