The US dollar is consolidating against the yen and Canadian dollar ahead of the key event of the week — the Federal Reserve meeting. The Fed is widely expected to raise its policy rate by 25 basis points to a range of 3.75–4.00%.
The Japanese yen strengthened rapidly earlier this month despite a relentless rise in US nominal and real yields, an outcome that has been almost unheard of in modern times.
Forex traders bet on hawkish Fed ahead of tomorrow's Fed decision.
The USD/JPY managed to extend its recovery to around 155.00 this morning which is a pivotal technical and psychologically-important level. The pair has been recovering from a seven-month low, as US Treasury yields and oil prices have been pushing higher and investors position for a potentially more hawkish Federal Reserve on Wednesday.
USD/JPY slides more than 700 pips following bearish wave analysis
USDJPY managed to meet target and resistance zone 155.00-20 yesterday Market facing support around 152.00-15 zone while resistance at 155.00-20 which may creat trading zone here Below 152.00 more drop toward 149.40 is likely Above 155.20 more advance may hit the market with resistances at 156.75 and 157.40 SUPPORT RESISTANCE LEVEL1 152.00-5 155.00-20 LEVEL2 […]
USDJPY delivered a textbook Elliott Wave setup, plunging over 700 pips in a powerful downward expansion after completing its corrective recovery structure.
USD/JPY Price Forecast: Resistance at 155.20 likely to test bulls
USD/JPY rises as markets brace for the Bank of Japan meeting
USD/JPY rose to 154.87 on Tuesday, with the Japanese yen weakening for a second consecutive session. Pressure on the yen has intensified as the US dollar strengthens ahead of an expected Federal Reserve rate increase this week.
Demand for safe-haven dollar increased amid reports indicating Saudi's key pipeline would be shut for several weeks after an attack.
USD/JPY bear flag points towards 151.70