USD/JPY: Retests to kill momentum?
USD/JPY: Retests to kill momentum?
The USD/JPY experienced a notable surge from 144.50 as the week commenced, surpassing the 61.8% retracement level from the November-December downturn. It breached its 100-day MA, demonstrating a one-way move that resulted in a gain of 400 pips. Since the beginning of the year, the yen has incurred a loss exceeding 4%.
Presently, the currency pair stands at a six-week high, propelled by a rally in the dollar following comments from Federal Reserve Governor Christopher Waller. His remarks tempered expectations of a rate cut in March.
The immediate obstacle to further upward movement lies in a retest of 149.700, followed by the crucial threshold of 150.00.
Today's release of consumer inflation data from Japan is anticipated to provide additional indications of easing price pressures and will be crucial in determining how well the pair performs against the noted resistance levels that are in its sights, or how well the 100-day MA holds up as a level of support.
The USD/JPY experienced a notable surge from 144.50 as the week commenced, surpassing the 61.8% retracement level from the November-December downturn. It breached its 100-day MA, demonstrating a one-way move that resulted in a gain of 400 pips. Since the beginning of the year, the yen has incurred a loss exceeding 4%.
Presently, the currency pair stands at a six-week high, propelled by a rally in the dollar following comments from Federal Reserve Governor Christopher Waller. His remarks tempered expectations of a rate cut in March.
The immediate obstacle to further upward movement lies in a retest of 149.700, followed by the crucial threshold of 150.00.
Today's release of consumer inflation data from Japan is anticipated to provide additional indications of easing price pressures and will be crucial in determining how well the pair performs against the noted resistance levels that are in its sights, or how well the 100-day MA holds up as a level of support.
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