USDJPY 27.05.2024
Macroeconomic News:
The Japanese Yen (JPY) appreciated on Monday, ending a three-day losing streak, following comments from Bank of Japan (BoJ) Governor Kazuo Ueda. Ueda emphasized the need to re-anchor inflation expectations toward the 2% target. Japan's annual inflation remains above the BoJ's 2% target, increasing pressure on the central bank to tighten monetary policy. Simultaneously, the US Dollar Index (DXY) weakened due to lower yields on the 10-year US Treasury bonds, influenced by the University of Michigan's slightly lower 5-year inflation expectations.
Technical Analysis:
The USD/JPY pair traded near 156.70 on Monday, indicating a potential bearish reversal through an ascending wedge pattern on the daily chart. The 14-day Relative Strength Index (RSI) remains slightly bullish, above the 50 level. The first resistance level is at the upper boundary of the ascending wedge around 157.30; surpassing this level, the pair could aim for the highest level in over thirty years at 160.32. Immediate support is at the 9-day Exponential Moving Average (EMA) at 156.40, followed by the lower boundary of the ascending wedge and the psychological level at 156.00. If these levels are breached, the pair may decline to support at 151.86.
The Japanese Yen (JPY) appreciated on Monday, ending a three-day losing streak, following comments from Bank of Japan (BoJ) Governor Kazuo Ueda. Ueda emphasized the need to re-anchor inflation expectations toward the 2% target. Japan's annual inflation remains above the BoJ's 2% target, increasing pressure on the central bank to tighten monetary policy. Simultaneously, the US Dollar Index (DXY) weakened due to lower yields on the 10-year US Treasury bonds, influenced by the University of Michigan's slightly lower 5-year inflation expectations.
Technical Analysis:
The USD/JPY pair traded near 156.70 on Monday, indicating a potential bearish reversal through an ascending wedge pattern on the daily chart. The 14-day Relative Strength Index (RSI) remains slightly bullish, above the 50 level. The first resistance level is at the upper boundary of the ascending wedge around 157.30; surpassing this level, the pair could aim for the highest level in over thirty years at 160.32. Immediate support is at the 9-day Exponential Moving Average (EMA) at 156.40, followed by the lower boundary of the ascending wedge and the psychological level at 156.00. If these levels are breached, the pair may decline to support at 151.86.
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