USDJPY: The downward momentum continues
Updated
USDJPY opened today's session with a slight decrease, trading around the level of 147.75 and losing 0.25% during the day as it remains in a corrective wave, although still in an upward trend in the short term.
Therefore, the Japanese Yen attracts some safe-haven flows amidst deepening political tensions. The USD remains stable below monthly highs and may support USD/JPY. Traders can also await the important FOMC meeting in an uncertain environment regarding interest rate cuts.
Any further price decline is likely to attract buyers near the psychological level of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low volatility level. A convincing break below the following level could shift the short-term trend in favor of selling traders and push the spot price down to the horizontal support level at 146.700.
Therefore, the Japanese Yen attracts some safe-haven flows amidst deepening political tensions. The USD remains stable below monthly highs and may support USD/JPY. Traders can also await the important FOMC meeting in an uncertain environment regarding interest rate cuts.
Any further price decline is likely to attract buyers near the psychological level of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low volatility level. A convincing break below the following level could shift the short-term trend in favor of selling traders and push the spot price down to the horizontal support level at 146.700.
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