USD/JPY, H4 5 April 2024
The USD/JPY pair broke below its weeks-long consolidation range, indicating a bearish bias for the pair. Yesterday, the Bank of Japan (BoJ) chief held his first press conference following the country's first rate hike since 2007. He hinted at the possibility of another rate hike later this year if conditions permit, and reiterated that the central bank has been closely monitoring exchange rate movements in the market, suggesting potential intervention if necessary. Despite the strengthening dollar, the pair managed to trade at its lowest level in three weeks.
The USD/JPY pair has broken below its consolidation range after a bearish divergence, suggesting a bearish bias for the pair.
Resistance level: 151.85, 153.20📉
Support level: 149.50, 147.60📈
The USD/JPY pair broke below its weeks-long consolidation range, indicating a bearish bias for the pair. Yesterday, the Bank of Japan (BoJ) chief held his first press conference following the country's first rate hike since 2007. He hinted at the possibility of another rate hike later this year if conditions permit, and reiterated that the central bank has been closely monitoring exchange rate movements in the market, suggesting potential intervention if necessary. Despite the strengthening dollar, the pair managed to trade at its lowest level in three weeks.
The USD/JPY pair has broken below its consolidation range after a bearish divergence, suggesting a bearish bias for the pair.
Resistance level: 151.85, 153.20📉
Support level: 149.50, 147.60📈