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The Japanese yen continues to gain support from the Bank of Japan's hawkish rate hike on Friday.
The currency market is witnessing an intriguing interaction between the Japanese yen and the U.S. dollar, particularly in light of recent developments. Despite short-term fluctuations within a specific range, the USD/JPY pair is finding support due to several factors.
From a technical standpoint, the USD/JPY pair is finding support near the lower boundary of a multi-month ascending channel, currently situated around the 155.25 level. Below this level lies the psychological threshold of 155.00 and the support zone at 154.80–154.75, near the 50-day SMA. A decisive break below this support could serve as a new trigger for bearish momentum.
With the RSI (Relative Strength Index) on the daily chart just beginning to show negative momentum, the USD/JPY pair could accelerate its decline toward the 154.00 level, followed by 153.30 and eventually the next psychological level of 153.00.
This technical and fundamental backdrop suggests potential continued pressure on the pair, making it a focal point for traders monitoring yen strength and U.S. dollar weakness.
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