Forex traders watch GBP/USD resistance, a potential USD/CHF bounce, and USD/JPY consolidation as the dollar reaches key inflection points.
USD/JPY held around 159.53, with the Japanese yen trading sideways for more than a week. The currency has lost approximately half of the gains made following the joint intervention by Tokyo and Washington at the end of July.
USD/JPY remains range-bound: What comes next?
The American currency managed to gain some ground as demand for safe-haven assets increased.
The Yen gave back some of its recent advance that was triggered by US and Japanese intervention. The pair printed above the 158.05 resistance which indicated a wider range for rebound towards the 160.85 resistance.
USD/JPY Price Forecast: Aims to extend rally above 160.00
The American currency is losing ground as traders bet that Fed will leave the federal funds rate unchanged at the next meeting in September.
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The Yen gave back some of its recent advance that was triggered by US and Japanese intervention. The pair printed above the 158.05 resistance which indicated a wider range for rebound towards the 160.85 resistance.
USD/JPY Price Forecast: Struggles near 159.00; seems vulnerable below 50% Fibo.
USD/JPY was given every excuse to decline last week and didn't. Perhaps there is a message in that.
The American currency is under pressure as Retail Sales declined by 0.6% in July.