Japanese Yen declines as US Dollar remains stronger ahead of ADP
On Wednesday, the Japanese Yen (JPY) weakens relative to the US Dollar (USD) due to increasing uncertainty about future interest rate increases by the Bank of Japan (BoJ). There are no urgent plans for more rate hikes, according to the BoJ's Summary of Opinions from the September Monetary Policy Meeting, which was released on Tuesday. The central bank plans to keep its current accommodative policy in place, but it is still willing to make changes should the economy significantly improve.
Given the growing level of tension in the Middle East, the cautious attitude in the market supports the US dollar. The September ISM Manufacturing PMI, which was lower than anticipated, could have, nevertheless, weakened the value of the US dollar. For more guidance, traders will now concentrate on Fedspeak and the upcoming US ADP Employment Change.
USD/JPY Technical Analysis:
On Wednesday, the USD/JPY trades at roughly 143.50. A bullish bias is suggested by the pair's consolidation and resting over the 4 -hours 72 Exponential Moving Average (EMA), according to an analysis of the 4 hours chart.
There could be resistance for the USD/JPY pair at 146.53, and then a five-week high at 147.21, which was last attained on September 3.
In the event of a decline, this pair finds significant support at the 4-hours 72 EMA. If the USD/JPY pair breaks below this level, it may move toward the ascending trendline at 142.22. If it breaks below this level, it will drop to 139.58, its lowest level since June 2023.
Given the growing level of tension in the Middle East, the cautious attitude in the market supports the US dollar. The September ISM Manufacturing PMI, which was lower than anticipated, could have, nevertheless, weakened the value of the US dollar. For more guidance, traders will now concentrate on Fedspeak and the upcoming US ADP Employment Change.
USD/JPY Technical Analysis:
On Wednesday, the USD/JPY trades at roughly 143.50. A bullish bias is suggested by the pair's consolidation and resting over the 4 -hours 72 Exponential Moving Average (EMA), according to an analysis of the 4 hours chart.
There could be resistance for the USD/JPY pair at 146.53, and then a five-week high at 147.21, which was last attained on September 3.
In the event of a decline, this pair finds significant support at the 4-hours 72 EMA. If the USD/JPY pair breaks below this level, it may move toward the ascending trendline at 142.22. If it breaks below this level, it will drop to 139.58, its lowest level since June 2023.
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