USD/JPY May Experience Slight Decline
In Tuesday's Asian trading session, the Japanese Yen (JPY) weakened against the US Dollar (USD), moving away from the one-week high reached the previous day. However, the decline in JPY may be limited as traders remain cautious amid the uncertainty surrounding the US presidential election, coupled with expectations that the Bank of Japan (BoJ) will raise interest rates in December.
At the same time, the ongoing "Trump deal" and expectations that the Federal Reserve (Fed) may cut interest rates later this week have led to a decline in US Treasury yields, narrowing the interest rate differential between the US and Japan. This weakens the demand for USD, providing support for JPY. Additionally, a weaker risk sentiment could favor the Yen and limit significant upside moves in the USD/JPY pair.
With resistance at 152.337, the USD/JPY pair may struggle to maintain strong upward momentum. If the price fails to break above this level, the likelihood of a downward correction increases, with the nearest support levels at 151.500 and 151.000. However, if the Yen continues to face pressure from macroeconomic factors such as US election uncertainty or expectations surrounding the BoJ’s monetary policy, the USD/JPY pair may still test the 152.337 resistance again.
At the same time, the ongoing "Trump deal" and expectations that the Federal Reserve (Fed) may cut interest rates later this week have led to a decline in US Treasury yields, narrowing the interest rate differential between the US and Japan. This weakens the demand for USD, providing support for JPY. Additionally, a weaker risk sentiment could favor the Yen and limit significant upside moves in the USD/JPY pair.
With resistance at 152.337, the USD/JPY pair may struggle to maintain strong upward momentum. If the price fails to break above this level, the likelihood of a downward correction increases, with the nearest support levels at 151.500 and 151.000. However, if the Yen continues to face pressure from macroeconomic factors such as US election uncertainty or expectations surrounding the BoJ’s monetary policy, the USD/JPY pair may still test the 152.337 resistance again.
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