USD/JPY pinned below 160.00 into Fed decision and Tokyo CPI release
The American currency is moving higher, supported by the better-than-expected CB Consumer Confidence report and rising oil prices.
USD/JPY Price Forecast: Recovers strongly after testing Descending Triangle breakout
The US dollar has rallied quite nicely on Tuesday, as the interest rates in the USA rose.
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.