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12 March 2024,01:48
Trading BlogTrading Knowledge
12 March 2024, 01:48
* Firm Rate Hike Bets: USD/JPY continue to extend its losing streak amid increasing expectation that the BoJ will shift away from its expansionary interest rate stance in the March monetary policy meeting. BoJ officials have suggested a prolonged period of favorable wage trends, aiming to maintain inflation consistently above the 2% target. Investors are optimistic about the possibility of the BoJ abandoning Yield Curve Control (YCC) and transitioning toward policy normalization. On top of that, broad overall weakness in U.S also provide further strength for the Japanese Yen.
* Technical Breakout: The USD/JPY was traded lower while currently testing near the support level 146.25. MACD, which indicates bearish momentum signal suggests a potential extension of the pair’s losses.
* Resistance And Targets: Should the bearish momentum persist; the price would head towards the subsequent resistance level 144.65 following a breakout below the support level 146.25. However, a failure to break this level may lead to a technical rebound back towards resistance level 147.70 or potential reversal in the long term.
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