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The Japanese yen continues to weaken

The Japanese Yen remains weak as the BoJ is expected to maintain current policy in June
The Japanese Yen fell slightly as the BoJ is expected to maintain current interest rates on Friday. Japan's stable stock market has weakened the JPY. The US dollar held firm as the likelihood of two Fed rate cuts in 2024 decreased.

USD/JPY traded around 157.20 on Tuesday. Daily chart analysis shows an uptrend as the pair consolidates in an ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) is above the 50 level, indicating a bullish trend.

Significant hurdles can be seen at the psychological level of 158.00. A break above this level could provide support, potentially guiding the USD/JPY pair towards the vicinity of the upper boundary near the 158.60 level. The next level of resistance is seen at 160.32, which marks the highest level in over thirty years.

On the other hand, the lower boundary of the ascending channel, roughly at 154.90, stands out as key support, coinciding with the 34-day Exponential Moving Average at 154.86. A breach below this level could intensify bearish pressure on the USD/JPY pair, potentially steering it towards the pullback support area around 152.80.

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USD/JPY extends upside on firmer US Dollar, all eyes on US CPI, Fed rate decision
The USD/JPY pair extends the rally near 157.15 during the early Asian trading hours on Wednesday. Traders prefer to wait on the sidelines ahead of the key events. The US Consumer Price Index data will be released on Wednesday. The FOMC monetary policy meeting and the press conference will also be the highlights of the day