USD/JPY, H4 7 March 2024
The Japanese yen demonstrates resilience, outperforming other currencies amid hawkish expectations surrounding the Bank of Japan. Speculation of a potential interest rate increase surfaces as the country experiences a robust economic recovery. In contrast, Federal Reserve Chairman Jerome Powell hints at the prospect of interest rate cuts in the US if economic momentum persists, curbing the appeal of the dollar.
USD/JPY is trading lower following the prior breakout below the previous support level. Suggesting the pair might enter oversold territory.
Resistance level: 149.40, 150.80📉
Support level: 147.60, 146.35📈
The Japanese yen demonstrates resilience, outperforming other currencies amid hawkish expectations surrounding the Bank of Japan. Speculation of a potential interest rate increase surfaces as the country experiences a robust economic recovery. In contrast, Federal Reserve Chairman Jerome Powell hints at the prospect of interest rate cuts in the US if economic momentum persists, curbing the appeal of the dollar.
USD/JPY is trading lower following the prior breakout below the previous support level. Suggesting the pair might enter oversold territory.
Resistance level: 149.40, 150.80📉
Support level: 147.60, 146.35📈