USD/JPY stays cautious near 159.00
USD/JPY has been trading close to the 159.00 mark early this Friday, sitting below its highest level since April. Japan's verbal intervention has provided a cushion for the yen amid the Bank of Japan's uncertainty regarding interest rate hikes and mixed national CPI data. Meanwhile, the U.S. dollar's recovery is pacing slowly ahead of crucial PMI data.
From a purely technical perspective, the trend is bullish across all time frames, and adhering to the adage "the trend is your friend," it is likely that this upward trajectory will continue. Currently, USD/JPY is trading at 158.50, maintaining its climb within a gradually ascending channel.
From a purely technical perspective, the trend is bullish across all time frames, and adhering to the adage "the trend is your friend," it is likely that this upward trajectory will continue. Currently, USD/JPY is trading at 158.50, maintaining its climb within a gradually ascending channel.
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