USDJPY: The downtrend is not over yet
Updated
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The Japanese Yen (JPY) regained positive momentum on Tuesday and partially reversed the heavy losses against the US Dollar (USD) over the past two days.
On the other hand, USD faced difficulties in capitalizing on the positive momentum inspired by the Non-Farm Payrolls (NFP) amidst increasing acceptance that the Federal Reserve (Fed) has completed interest rate hikes.
These factors have limited the recovery potential of the USDJPY pair. Currently, they are trading around 145.58 and still inclined towards a downward trend, moving within a downward channel and being capped below the resistance level of 146.75 without any significant breakthrough occurring
The Japanese Yen (JPY) regained positive momentum on Tuesday and partially reversed the heavy losses against the US Dollar (USD) over the past two days.
On the other hand, USD faced difficulties in capitalizing on the positive momentum inspired by the Non-Farm Payrolls (NFP) amidst increasing acceptance that the Federal Reserve (Fed) has completed interest rate hikes.
These factors have limited the recovery potential of the USDJPY pair. Currently, they are trading around 145.58 and still inclined towards a downward trend, moving within a downward channel and being capped below the resistance level of 146.75 without any significant breakthrough occurring
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