USD/JPY Holds Steady, Awaiting Fresh Impetus from Fed Chair Pow
USD/JPY Holds Steady, Awaiting Fresh Impetus from Fed Chair Powell
The USD/JPY pair is making headway for the third consecutive day, displaying a positive bias, but seems to be lacking the follow-through buying needed to sustain the momentum. Traders, it appears, are treading cautiously and are eagerly anticipating the upcoming speech by Federal Reserve Chair Jerome Powell for a potential market-moving catalyst.
As of the latest data, the USD/JPY pair is trading in the mid-150.00s, just below the weekly high reached in the preceding session. The Japanese Yen (JPY) continues to underperform relative to other currencies, primarily due to a more dovish stance taken by the Bank of Japan (BoJ). This stance from the BoJ is providing tailwinds for the USD/JPY pair, despite the US Dollar (USD) seeing a modest recovery from multi-week lows reached earlier this week. The USD's gains, however, are being capped by certain factors, preventing it from achieving a more substantial upward push.
Market participants, meanwhile, have adopted a cautious approach and are maintaining a wait-and-see attitude in anticipation of Federal Reserve Chair Jerome Powell's speech scheduled for later during the early North American session. Powell's remarks are expected to provide fresh insights into the central bank's monetary policy and could significantly influence currency markets.
From a technical perspective, the setup for the USD/JPY pair supports the possibility of further appreciation. The previously set target at 150.900 remains in focus, with an extended goal of 151.150. These technical factors underline the potential for continued positive movement in the pair.
In the complex world of currency trading, where global economic and political events can significantly impact exchange rates, the USD/JPY pair's current holding pattern reflects the uncertainty and the ever-present search for new drivers in the foreign exchange market. Market participants will be closely monitoring Powell's speech for the insights it may offer and the potential impact on the USD/JPY pair's trajectory.
Our preference
Long positions above 149.90 with targets at 150.90 & 151.15 in extension.
The USD/JPY pair is making headway for the third consecutive day, displaying a positive bias, but seems to be lacking the follow-through buying needed to sustain the momentum. Traders, it appears, are treading cautiously and are eagerly anticipating the upcoming speech by Federal Reserve Chair Jerome Powell for a potential market-moving catalyst.
As of the latest data, the USD/JPY pair is trading in the mid-150.00s, just below the weekly high reached in the preceding session. The Japanese Yen (JPY) continues to underperform relative to other currencies, primarily due to a more dovish stance taken by the Bank of Japan (BoJ). This stance from the BoJ is providing tailwinds for the USD/JPY pair, despite the US Dollar (USD) seeing a modest recovery from multi-week lows reached earlier this week. The USD's gains, however, are being capped by certain factors, preventing it from achieving a more substantial upward push.
Market participants, meanwhile, have adopted a cautious approach and are maintaining a wait-and-see attitude in anticipation of Federal Reserve Chair Jerome Powell's speech scheduled for later during the early North American session. Powell's remarks are expected to provide fresh insights into the central bank's monetary policy and could significantly influence currency markets.
From a technical perspective, the setup for the USD/JPY pair supports the possibility of further appreciation. The previously set target at 150.900 remains in focus, with an extended goal of 151.150. These technical factors underline the potential for continued positive movement in the pair.
In the complex world of currency trading, where global economic and political events can significantly impact exchange rates, the USD/JPY pair's current holding pattern reflects the uncertainty and the ever-present search for new drivers in the foreign exchange market. Market participants will be closely monitoring Powell's speech for the insights it may offer and the potential impact on the USD/JPY pair's trajectory.
Our preference
Long positions above 149.90 with targets at 150.90 & 151.15 in extension.
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