The USD/JPY has temporarily halted its two-day upward trend, possibly due to optimistic economic data from China. The spot price traded lower, near 149.80 during the European session on Wednesday. However, the USD/JPY is benefiting from positive retail sales figures from the United States, supported by higher interest rates from the US Treasury.
Market observers may be eager to understand the trajectory of the Federal Reserve's monetary policy, especially after the dovish remarks from officials. Federal Reserve Bank of Richmond President Thomas Barkin believes that the current policy has limitations, reflecting uncertainty about the upcoming FOMC meeting in November.
In terms of technical analysis, the USD/JPY may experience short-term sideways movement in the near future before forming a flag pattern and breaking out of that range. My target expectation is at 151.10.
Market observers may be eager to understand the trajectory of the Federal Reserve's monetary policy, especially after the dovish remarks from officials. Federal Reserve Bank of Richmond President Thomas Barkin believes that the current policy has limitations, reflecting uncertainty about the upcoming FOMC meeting in November.
In terms of technical analysis, the USD/JPY may experience short-term sideways movement in the near future before forming a flag pattern and breaking out of that range. My target expectation is at 151.10.
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good luck
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what do you think?
