USD/JPY Price Analysis: Refreshes multi-week high, bulls retain control above 61.8% Fibo. – by hareshmenghani USDJPY BOJ Fed Technical Analysis Currencies
The BoJ's unscheduled bond-buying operation weighs on the JPY and offers some support.USD/JPY pair
The Bank of Japan's unscheduled operation on Monday to buy ¥300 billion worth of Japanese government for the first time since February 2022 continues to weigh on the Japanese Yen . The US Dollar , on the other hand, climbs to its highest level since July 10 and remains well supported by expectations for one more 25 bps rate hike by the Federal Reserve in September or November. This, in turn, is seen as a key factor acting as a tailwind for the USD/JPY pair.
Hence, some follow-through positive move beyond the 143.00 round-figure mark, towards testing the next relevant hurdle near the 143.50-143.55 horizontal zone, looks like a distinct possibility. The upward trajectory could get extended further towards reclaiming the 144.00 mark, also representing a strong support breakpoint, now turned resistance.
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