The yen lost ground on Friday after BoJ Governor Ueda indicated that inflation is retreating rapidly and that further confirmation of the sustainability of the price goal is needed to change strategy, signaling that a March rate hike is unlikely.
On the flip side, if bears return and push prices decisively below 149.70, selling impetus could gather traction, paving the way for a possible retracement towards 148.90. Subsequent losses beyond this key floor could precipitate a descent towards 147.50, marginally above the 100-day SMA.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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