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.
The USD/JPY was coming off its earlier lows at the time of writing, as crude oil prices climbed further higher after the Brent contract broke the $110 barrier. The USD/JPY, which has been confined to a relatively narrow range through much of April, could now stage a breakout.
Japanese Yen pares hawkish BoJ-inspired gains; USD/JPY rebounds from sub-159.00 levels
USD/JPY adrift ahead of BoJ and Fed twin policy week
The American currency is losing ground despite rising Treasury yields.
USD/JPY holds near the critical 160 level as yield differentials support the pair while intervention risks cap further upside.
The week started on slightly favorable ground for the yen. At the moment, USD/JPY is opening the week with a notable decline, marking at least two consecutive sessions with losses of around 0.3% in favor of the Japanese yen in the short term.
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.
Intraday forex analysis covering USDJPY , XAGUSD , and NAS 100 analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs. USDJPY hitting fresh lows The US dollar is under pressure as the Yen's strength drags the pair lower.
Intraday forex analysis covering USDJPY , XAGUSD , and NAS 100 analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs. USDJPY hitting fresh lows The US dollar is under pressure as the Yen's strength drags the pair lower.
The extension of the two-week Iran ceasefire helped global stock markets continue to rise last week. However, WTI oil prices also moved higher as traders stayed focused on the risk of oil supply disruption.
The USD/JPY exchange rate will be in the spotlight this week as the Federal Reserve and the Bank of Japan (BoJ) publish their interest rate decisions. It was trading slightly below the important resistance level at 160 as traders wait for these events and as the Iran crisis continued.