There is a continuous decline in the Japanese Yen. Reached its lowest level since 1990. Seeing the Japanese Yen rapidly weakening, the Japanese Monetary Officer held a meeting and suggested that they would soon intervene to boost the domestic currency.
On Monday, Japan’s Finance Minister Shunichi Suzuki said he would respond appropriately and would not rule out options against excessive volatility, reiterating his warning over recent moves. Government bond yields outside Japan may fall. The key to arresting the decline of the Japanese currency will now focus on interest rate cuts by the US Federal Reserve. Japanese authorities had stepped in to hedge the yen at 151.94 in 2022. Due to which stability was seen in Yen.
The dollar has reached 151.975 yen against the yen since the mid-1990s. Israeli warplanes bombed Iran’s embassy in Syria according to a report, raising the risk of geopolitical tensions in the Middle East reducing investor appetite for riskier assets. Seeing this, JPY is getting support. Traders’ attention is now towards US economic documents. That includes jolting job openings and the release of factory orders – and speeches by influential FOMC members calling for some meaningful stimulus during the North American session.
The Japanese Yen may get support from lower levels depending on the activity of the Japanese Monetary Authority.
Technical Outlook: Japanese Yen
Bulls are in control of USD/JPY at 152.00. Can wait to break 34 year high near 152.00.
Bulls are in control of usdjpy at 152.00. Can wait to break 34 year high near 152.00.
There has been a rise in USDJPY. USDJPY has returned after touching the level of 151.975. If it breaks 151.50 then it can take downward correction till 150.50–149.50.
Recommendation :- USD/JPY Sell below 151.50 stoploss above 152 .target looks 150.50–149.50
Commodity Samachar
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