USD/JPY holds at 149.30 despite the US dollar's decline
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The USDJPY remained unchanged on Thursday ahead of the double inflation event scheduled for Friday. It continued to hover around the 149.38 level, having retreated from its weekly peak near 149.70.
Despite facing a slight setback in its attempt to surpass the psychological resistance at 150.00 on Thursday, this currency pair is still positioned within an ascending channel. This correction followed a similar trend seen in the US Dollar Index (DXY), which experienced significant selling pressure after reaching a 10-month high at 106.80.
While there is a possibility of retesting the support level at 148.00, it is expected to be only temporary as upward movement remains favorable for this pair.
The USDJPY remained unchanged on Thursday ahead of the double inflation event scheduled for Friday. It continued to hover around the 149.38 level, having retreated from its weekly peak near 149.70.
Despite facing a slight setback in its attempt to surpass the psychological resistance at 150.00 on Thursday, this currency pair is still positioned within an ascending channel. This correction followed a similar trend seen in the US Dollar Index (DXY), which experienced significant selling pressure after reaching a 10-month high at 106.80.
While there is a possibility of retesting the support level at 148.00, it is expected to be only temporary as upward movement remains favorable for this pair.
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