Technical Analysis: Forecasts Point to Continued USD/JPY Growth
Despite the decline in the inflation index, the USD/JPY currency pair continues to benefit from the upward trend. The Governor of the Bank of Japan (BoJ), Kazuo Ueda, has expressed support for the Japanese Yen while warning of potential interest rate hikes if the Yen were to suddenly depreciate and cause inflation.
Technically, over the past two weeks, the price of the USD/JPY pair has remained sideways around the 154.00 level. Despite dipping towards the Simple Moving Average SMA 50, it quickly recovered and resumed its upward trajectory. Forecasts for the coming week suggest that the price will maintain its upward momentum, aiming for the 155.00 level and subsequently the 156.00 level.
Technically, over the past two weeks, the price of the USD/JPY pair has remained sideways around the 154.00 level. Despite dipping towards the Simple Moving Average SMA 50, it quickly recovered and resumed its upward trajectory. Forecasts for the coming week suggest that the price will maintain its upward momentum, aiming for the 155.00 level and subsequently the 156.00 level.
