Dear friends, the USD/JPY pair remained above the 151.00 level in today's trading session, experiencing a 0.06% decrease throughout the day. Currently, the higher yields of the US dollar and US Treasury bonds provide some support for this currency pair. However, additional benefits could potentially lead to some intervention from the Japanese government.
Market expectations and conclusions for the near future:
In the upcoming days, market participants will closely monitor Fed Chair Logan's speech for fresh impetus. Any hawkish comments could potentially push the US dollar (USD) higher and act as a favorable catalyst for this currency pair. Traders will take cues from data and seek trading opportunities around the USD/JPY pair.
Regarding technical analysis:
From the chart, we can observe that prices are consolidating within a narrow range between 151.38 and 151.24. Therefore, it is highly likely that once they break out of this consolidation zone, prices will either decrease or rebound towards the expected level of 151.60. What are your thoughts on this matter?
Market expectations and conclusions for the near future:
In the upcoming days, market participants will closely monitor Fed Chair Logan's speech for fresh impetus. Any hawkish comments could potentially push the US dollar (USD) higher and act as a favorable catalyst for this currency pair. Traders will take cues from data and seek trading opportunities around the USD/JPY pair.
Regarding technical analysis:
From the chart, we can observe that prices are consolidating within a narrow range between 151.38 and 151.24. Therefore, it is highly likely that once they break out of this consolidation zone, prices will either decrease or rebound towards the expected level of 151.60. What are your thoughts on this matter?
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