Key levels remain in focus amid cautious market optimism, following Trump's 15-point proposal plan to end the US-Iran war. Market caution persists after Iran's denial of any meaningful progress in negotiations, with the DXY holding near the 98 support level and major dollar pairs, including USDJPY, facing short-term drawdown risks.
The pair hit a correction towards the target and support of 157.25-65 last week. The market is still holding a trading zone with resistances around 160.20 and 161.95 where each resistance could push for drop a toward the 157.25-65 zone.
The pair hit a correction towards the target and support of 157.25-65 last week. The market is still holding a trading zone with resistances around 160.20 and 161.95 where each resistance could push for drop a toward the 157.25-65 zone.
USD/JPY continues its upward trajectory on Wednesday, rising to 158.78 following a volatile start to the week. Pressure on the yen has eased amid a pullback in oil prices and expectations of a potential resolution to the Middle East conflict-a development of particular significance for Japan's energy-importing economy.
USD/JPY Price Forecast: Trades with positive bias below 159.00; bullish potential intact
USD/JPY Price Forecast: Rebounds towards 159.00 as bulls target 160.00
Rising oil prices provided additional support to the American currency as demand for safe-haven assets increased.
At the start of the trading week, a consistent indecision continues to be present in USDJPY price action in the short term. The pair has only recorded a variation of slightly less than 0.5% over the last two sessions, without a clear direction in the short term.
USD/JPY gains as US Dollar benefits from risk aversion, PMI data weigh
The pair hit a correction towards the target and support of 157.25-65 last week. The market is still holding a trading zone with resistances around 160.20 and 161.95 where each resistance could push for drop a toward the 157.25-65 zone.
USD/JPY Price Forecast: Rises to 158.75-158.80 area; 200-EMA on H4 holds the key for bulls
While the USD/JPY backdrop was treacherous in late-January and early-February, bulls came back in a big way over the past month and have continued to flirt with a massive line in the sand at the 160.00 handle.