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Last week we witnessed a significant increase in USDJPY. At one point, UJ reached a level of 151.66. Currently, gold is trading below the low level of 149.59, indicating a corrective phase.
Regarding market news and conclusions:
The recovery of US Treasury bond yields supported the US Dollar Index (DXY), which tracks the greenback against a basket of currencies, partially recovering from the lowest employment data in six weeks on Friday. Additionally, the moderate stance of the Bank of Japan, along with a generally accepting risk environment, is believed to be weakening the safe-haven Japanese Yen (JPY) and acting as a driving force for the USD/JPY pair.
Furthermore, speculations that the Japanese government will intervene in the foreign exchange market to counter the prolonged depreciation of the domestic currency are limiting the upward momentum of the USD/JPY pair. As a result, traders are cautious about further price increases and are waiting for any relevant economic information from the United States before taking any bullish actions.
Alexia's trend analysis:
The USDJPY is currently being evaluated as overvalued and is expected to decline in the near future. As a result, this correction further illustrates its downward trend. By closely observing, we can see that the USDJPY is forming a bearish DOW pattern. At the time of writing, the price is trading at 149.58, with an anticipated decrease to 148.00.
Last week we witnessed a significant increase in USDJPY. At one point, UJ reached a level of 151.66. Currently, gold is trading below the low level of 149.59, indicating a corrective phase.
Regarding market news and conclusions:
The recovery of US Treasury bond yields supported the US Dollar Index (DXY), which tracks the greenback against a basket of currencies, partially recovering from the lowest employment data in six weeks on Friday. Additionally, the moderate stance of the Bank of Japan, along with a generally accepting risk environment, is believed to be weakening the safe-haven Japanese Yen (JPY) and acting as a driving force for the USD/JPY pair.
Furthermore, speculations that the Japanese government will intervene in the foreign exchange market to counter the prolonged depreciation of the domestic currency are limiting the upward momentum of the USD/JPY pair. As a result, traders are cautious about further price increases and are waiting for any relevant economic information from the United States before taking any bullish actions.
Alexia's trend analysis:
The USDJPY is currently being evaluated as overvalued and is expected to decline in the near future. As a result, this correction further illustrates its downward trend. By closely observing, we can see that the USDJPY is forming a bearish DOW pattern. At the time of writing, the price is trading at 149.58, with an anticipated decrease to 148.00.
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