Japanese Yen Weakens Against USD, USD/JPY Continues to Rise
The Japanese Yen (JPY) weakened against the USD during the Asian trading session after the Bank of Japan's (BoJ) meeting minutes revealed a divide over the timing of interest rate hikes. Domestic political concerns and fears of potential protectionist trade measures from Donald Trump further weakened the JPY. Meanwhile, expectations that Trump's policies will drive inflation and limit the Federal Reserve's ability to ease further have supported the USD, helping the USD/JPY pair rise.
Looking at the technical chart, the USD/JPY pair is also in an uptrend, trading around 153.33, up by 0.5%. Support at 152.23 is helping to strengthen the upward momentum, with resistance at 154.66. If the 152.23 support level holds, the USD/JPY pair could continue rising towards higher levels in the short term. However, investors should closely monitor technical signals and upcoming macroeconomic data to adjust their trading strategy accordingly.
Looking at the technical chart, the USD/JPY pair is also in an uptrend, trading around 153.33, up by 0.5%. Support at 152.23 is helping to strengthen the upward momentum, with resistance at 154.66. If the 152.23 support level holds, the USD/JPY pair could continue rising towards higher levels in the short term. However, investors should closely monitor technical signals and upcoming macroeconomic data to adjust their trading strategy accordingly.
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