The Japanese Yen extended its robust upward momentum against the US Dollar on Friday and kicked off the new week with a positive sign, pulling the USD/JPY pair to a nearly three-week low around the 146.25-146.20 range during the Asian trading session. The US Dollar is attempting to recover from its lowest point in two and a half months at 146.65, supported by a slight rebound in US Treasury yields, which is exerting pressure on the Japanese Yen.
On Thursday, New York Fed President John Williams suggested that interest rates could reach their highest point, supporting this perspective. In this context, the analysis of Fed Chairman Powell's conference later today will be closely scrutinized to evaluate the central bank's next steps.
On the other hand, growing expectations that the Bank of Japan may move away from its extremely accommodative monetary policy by 2024 are providing some support for the JPY.
From a broader perspective, this currency pair maintains a downward trend from its mid-November high near 152.00, with a resistance level at 148.75 likely to limit the upward movement before the late November peak at 149.75. Support levels are identified at 147.77 and 146.65.
On Thursday, New York Fed President John Williams suggested that interest rates could reach their highest point, supporting this perspective. In this context, the analysis of Fed Chairman Powell's conference later today will be closely scrutinized to evaluate the central bank's next steps.
On the other hand, growing expectations that the Bank of Japan may move away from its extremely accommodative monetary policy by 2024 are providing some support for the JPY.
From a broader perspective, this currency pair maintains a downward trend from its mid-November high near 152.00, with a resistance level at 148.75 likely to limit the upward movement before the late November peak at 149.75. Support levels are identified at 147.77 and 146.65.
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