USD/JPY capitalizes on modest intraday gains from one-week low

Hello everyone, I hope you're all doing well. Today, USDJPY showed a modest recovery during the day after hitting a one-week low at the beginning of this week. The lack of follow-through buying, amid decreasing US bond yields and reduced demand for the USD, contributed to this.

Looking at the technical picture on the 4-hour timeframe of USDJPY, we can see that after breaking the uptrend at the $149.15 level, USD was unable to reach the expected $150.00 level. Currently, it is trading at $148.69.

In terms of predictions, there is a possibility that the significant support level at $147.33 will be retested before any positive developments in the market help push the currency pair higher again. On the other hand, breaking this support level could lead to a significant drop in this currency pair.

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The positive risk sentiment in the midst of the Middle-East conflict may exert pressure on the safe-haven Japanese Yen (JPY), emerging as a significant factor offering support to the USD/JPY pair.

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The Bank of Japan (BoJ) is said to be contemplating an upward revision of its core Consumer Price Index (CPI) estimate for fiscal year (FY) 2023/24 to around 3%, compared with a forecast of 2.5 % was launched in July, as reported by the Bank of Japan. Kyodo news agency on Tuesday.