The pair managed again to hit another correction while still facing the support zone of 157.25-65, which could hold prices inside this trading zone toward resistances 160.20 or 161.95. Above 161.95 the market could enter a new uptrend wave with first target toward 163.80.
USD/JPY Price Forecast: Remains below 159.00 as bulls stay cautious amid softer USD demand
USD/JPY holds firm on Fed tone and yields, while BOJ and intervention risks cap upside.
USDJPY currency pair recently reversed down from the strong resistance level 160.00 (which has been reversing the price from March) standing close to the upper daily Bollinger Band.
USD/JPY tests 158.00 as ceasefire saps safe-haven demand
As the trading week continues, USD/JPY price action has begun to show a notable shift in tone in the short term, with the pair posting a decline of more than 0.8% in favor of the yen during the session. This has started to bring a renewed bearish bias into the pair's movements.
The American currency is under pressure as traders rush to buy riskier assets.
USD/JPY Price Analysis: Fragile ceasefire fuels volatility as markets read between the lines
US Dollar on the back foot as peace breaks out in the Middle East. With rates dropping, we are seeing US Dollar weakness across the board.
The pair managed again to hit another correction while still facing the support zone of 157.25-65, which could hold prices inside this trading zone toward resistances 160.20 or 161.95. Above 161.95 the market could enter a new uptrend wave with first target toward 163.80.
USD/JPY Price Forecast: Symmetrical Triangle breakdown below 159.00 warrants more downside
The US dollar has shifted into a corrective phase following its previous rally, while market participants adopt a wait-and-see approach ahead of the release of the Federal Reserve's meeting minutes. The weakening of the dollar has already led to a moderate pullback in USD/JPY and USD/CAD from recent highs, reflecting profit-taking and reduced activity ahead of a key event.