USDJPY jumps, what happens next?
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In general, USDJPY has rebounded as predicted earlier, currently trading at a new high of 147.34, marking a 0.28% increase for the day.
Regarding the factors, the certain expectations that the Fed will lift its restrictive policy stance in June have put pressure on the US Dollar. As a result, it has contributed to limiting the significant rise of this currency pair.
Meanwhile, investors are awaiting the release of the US Consumer Price Index (CPI) data for February, which will be announced on Tuesday. Investors should note that the soft average hourly earnings data for February, released on Friday, indicates that inflation expectations are cooling off.
As for the new outlook for USDJPY: On the 1-hour chart, USD/JPY is receiving strong support around 146.50 and 146.00. Breaking below 146.00 would lead to a significant price decrease, while maintaining above would result in a price increase. It is expected that the price will decrease after touching the Fibonacci technical indicator level of 0.618 and the 34.89 moving average line.
In general, USDJPY has rebounded as predicted earlier, currently trading at a new high of 147.34, marking a 0.28% increase for the day.
Regarding the factors, the certain expectations that the Fed will lift its restrictive policy stance in June have put pressure on the US Dollar. As a result, it has contributed to limiting the significant rise of this currency pair.
Meanwhile, investors are awaiting the release of the US Consumer Price Index (CPI) data for February, which will be announced on Tuesday. Investors should note that the soft average hourly earnings data for February, released on Friday, indicates that inflation expectations are cooling off.
As for the new outlook for USDJPY: On the 1-hour chart, USD/JPY is receiving strong support around 146.50 and 146.00. Breaking below 146.00 would lead to a significant price decrease, while maintaining above would result in a price increase. It is expected that the price will decrease after touching the Fibonacci technical indicator level of 0.618 and the 34.89 moving average line.
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