USD/JPY Price Analysis: Bulls eye 145.10 and higher in the absence of intervention – by fx_ross USDJPY Technical Analysis
arket Committee minutes that reinforced market expectations of another interest rate hike at the end of July. As a consequence, the US Treasury yields moved higher and added to earlier gains in the Greenback. ''Fed funds futures showed expectations of a 25 basis point hike at the end of a two-day policy meeting on July 26 rose to 88.7%, according to CME Group's FedWatch Tool,'' Reuters reported.
Indeed, USD/JPY has broadly moved higher in sync with the US 10-year Treasury yield. However, the market is also paying attention to the potential risk of intervention from the Bank of Japan. This opens the risk of a move lower in USD/JPY and the following illustrates a bearish technical scenario. The monthly W-formation is compelling. This is a reversion pattern and if there is resistance here, then there is the possibility of a retracement back to the neckline that meets the 61.
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