USD/JPY Breaks Short-Term Triangle, Faces Selling Pressure
Breaking out of the short-term triangle pattern, USD/JPY hit its target but faced selling pressure afterward.
Read MoreBreaking out of the short-term triangle pattern, USD/JPY hit its target but faced selling pressure afterward.
Read MoreDespite the yen's decline, the currency pair has shown minimal response to the producer inflation data, which remained unchanged from last year.
Read MoreThe Bank of Japan's move to purchase a lower amount of bonds than its previous acquisition led to gains in both the 10-year bonds and the yen.
Read MoreThe Bank of Japan closely monitors the currency pair to counter upward inflation risks due to the yen's depreciation continuing without gaining momentum while the yen's further depreciation will probably depend on the data that will be released in the US today and tomorrow.
Read MoreLast week, the Japanese yen retraced back to the 152.00 psychological resistance level it broke, completing a retest.
Read MoreThe Japanese Yen has experienced significant volatility against the US Dollar, with suspected interventions by Japanese authorities to arrest its decline.
Read MoreIn the Asia session, following the Fed's decision, the Japanese yen strengthened sharply, giving the impression that the authorities re-intervened in the currency.
Read MoreAt the opening of the Asian session on Monday, the USD/JPY pair achieved the target of 158.60 as expected, but intervention from the Bank of Japan (BoJ) occurred at the 160 level.
Read MoreThe USDJPY pair targets 156.75-156.90 after reaching its 155.00 goal, aligning with both the triangle's height and a Fibonacci extension level.
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