USDJPY breaks out with a pennant pattern
Hello dear friends, USDJPY continues to rise as predicted. However, this currency pair is currently experiencing a pause as it forms a flag pattern. It is currently trading at 149.53, not far from the highest level of 152.00 reached in 2022.
Regarding the market:
This currency pair is receiving support due to the recovery of the US Treasury yields after recent losses, which could strengthen the US Dollar (USD). As of Monday, the 10-year US Treasury bond yield stands at 4.65%, an increase of 1.0%.
The Bank of Japan (BoJ) is expected to intervene in the spot market to prevent the depreciation of the Japanese Yen (JPY). The central bank has adopted a more accommodative stance, weakening the attractiveness of JPY as a safe haven and providing support for the USD/JPY pair.
From an analytical perspective:
The price consolidation indicates the potential for a breakout at any time, with a target of 151.05.
Regarding the market:
This currency pair is receiving support due to the recovery of the US Treasury yields after recent losses, which could strengthen the US Dollar (USD). As of Monday, the 10-year US Treasury bond yield stands at 4.65%, an increase of 1.0%.
The Bank of Japan (BoJ) is expected to intervene in the spot market to prevent the depreciation of the Japanese Yen (JPY). The central bank has adopted a more accommodative stance, weakening the attractiveness of JPY as a safe haven and providing support for the USD/JPY pair.
From an analytical perspective:
The price consolidation indicates the potential for a breakout at any time, with a target of 151.05.
Trade active
Comment:
Comment:
The BoJ meeting on October 31 is still too early for change. Indeed, we remain mindful of the fact that BoJ Governor Kazuo Ueda stated last month that the “distance to ending interest rates” has not changed much.
