Macro:
- The Japanese yen weakened in the last few days as markets eyed the potential impact of upcoming US reciprocal tariffs on key Japanese exports.
- Minutes from the BoJ's Jan meeting showed policymakers remain open to further rate hikes, depending on wage growth and inflation data.
- Recent comments from US President Trump helped ease the concerns about the escalating tariff war, boosting the overall market's sentiment.
Technical:
- USDJPY broke the descending channel to give the first glimpse of a potential trend reversal. The price is hovering around its previous swing high, waiting for a clear breakout to determine the upcoming trend.
- If USDJPY breaks above 151.00 and EMA78, the price may surge further to retest the following resistance at 154.70.
- On the contrary, remaining below resistance at 151.00 may prompt a retest to the broken descending channel and the support at 148.60.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- The Japanese yen weakened in the last few days as markets eyed the potential impact of upcoming US reciprocal tariffs on key Japanese exports.
- Minutes from the BoJ's Jan meeting showed policymakers remain open to further rate hikes, depending on wage growth and inflation data.
- Recent comments from US President Trump helped ease the concerns about the escalating tariff war, boosting the overall market's sentiment.
Technical:
- USDJPY broke the descending channel to give the first glimpse of a potential trend reversal. The price is hovering around its previous swing high, waiting for a clear breakout to determine the upcoming trend.
- If USDJPY breaks above 151.00 and EMA78, the price may surge further to retest the following resistance at 154.70.
- On the contrary, remaining below resistance at 151.00 may prompt a retest to the broken descending channel and the support at 148.60.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.