As the week progresses, USDJPY price action has started to show a notable decline in the short term, with the pair falling by approximately 0.7%, beginning to form a mild bearish bias on the chart. The selling pressure favoring the yen has been driven mainly by recent comments from the Bank of Japan, which have helped stabilize demand for the currency in the short term.
EUR/USD is edging higher, snapping a five-day losing streak, helped by a softer US dollar following reports that President Trump may be open to ending the Iran conflict without first requiring the reopening of the Strait of Hormuz. The pair is also trading cautiously ahead of a busy session on the economic calendar.
USD/JPY edges down to near 159.60 amid Middle East peace hopes
The pair hit a correction towards the target and support of 157.25-65 and managed to rebound again. 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: Bulls struggle below 160.00 amid intervention fears, softer USD
Japanese Yen drifts lower as soft Tokyo CPI dents BoJ rate hike bets; USD/JPY eyes 160.00
USD/JPY retreats below 160.00 on the BoJ's hawkish summary ahead of Tokyo CPI
USD/JPY retreats from intervention red line as Japan warns on Yen weakness
The pair hit a correction towards the target and support of 157.25-65 and managed to rebound again. 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.
USDJPY breaking double top The dollar continues its bull rally as prices test the psychological level at 160.00. On the chart, the pair is testing a double top and looking to extend gains as traders close their gold positions and focus on the greenback.
Positioning in FX futures is beginning to shift in a meaningful way. The US dollar is attracting renewed demand, euro longs continue to unwind, and the Japanese yen has flipped decisively bearish.
USD/JPY Price Forecast: Eyes mid-159.00s on intervention warnings; downside seems limited