USDJPY : The pressure to reduce prices is still there!
Hello, dear friends. Today, USDJPY continues its unabated downtrend, currently positioned at 146.68, shedding 0.25% for the day.
Expectations are mounting that the Fed may ease its tight policy stance in June, which has put pressure on the US Dollar, bringing the US Dollar Index down to 102.70 against a basket of six major currencies. Additionally, increasing anticipation that the Bank of Japan (BoJ) may depart from its dovish interest rate stance in its March monetary policy meeting has also significantly contributed to the weight pressing down on this currency pair, keeping it in the red over the past week and continuing at present.
From a technical analysis standpoint: The 147.933 support level has been breached, and prices are heading towards the next defensive mark as indicated. An upward correction might be targeted in this region, but it may not be sustained if the selling pressure remains intense due to the ongoing strong bearish momentum!
Expectations are mounting that the Fed may ease its tight policy stance in June, which has put pressure on the US Dollar, bringing the US Dollar Index down to 102.70 against a basket of six major currencies. Additionally, increasing anticipation that the Bank of Japan (BoJ) may depart from its dovish interest rate stance in its March monetary policy meeting has also significantly contributed to the weight pressing down on this currency pair, keeping it in the red over the past week and continuing at present.
From a technical analysis standpoint: The 147.933 support level has been breached, and prices are heading towards the next defensive mark as indicated. An upward correction might be targeted in this region, but it may not be sustained if the selling pressure remains intense due to the ongoing strong bearish momentum!
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