USDJPY : Continues to decline
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The USD/JPY forex pair remains immersed in a dark period of consecutive price declines, as its weak strength has not been enough to revive and steer the currency pair back on track.
On Friday, the Japanese Yen recorded a solid increase against the US Dollar, starting the new week with optimistic signals, causing the USD/JPY pair to retreat to its lowest level in nearly three weeks, at around 146.25-146.20.
Any significant recovery efforts of USD/JPY would need to overcome the hurdle at 148.16, with the next potential level being 149.65. This appears to be a major challenge for this currency pair, as the market is betting on the Federal Reserve having ended its interest rate hike cycle, weakening the US Dollar. The Bearish camp may continue to strengthen if the current economic situation persists. The next support level targeted is 145.00.
On Friday, the Japanese Yen recorded a solid increase against the US Dollar, starting the new week with optimistic signals, causing the USD/JPY pair to retreat to its lowest level in nearly three weeks, at around 146.25-146.20.
Any significant recovery efforts of USD/JPY would need to overcome the hurdle at 148.16, with the next potential level being 149.65. This appears to be a major challenge for this currency pair, as the market is betting on the Federal Reserve having ended its interest rate hike cycle, weakening the US Dollar. The Bearish camp may continue to strengthen if the current economic situation persists. The next support level targeted is 145.00.
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