USD/JPY consolidate with least resistance
June 20, 2023 1:24 pmVideo
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USD/JPY trades around 142.00, slightly below the peak hit on November 2022. It seems that yen continues to weaken due to significant divergence in monetary policy positions, as the Bank of Japan took a different stance from other major central banks.
Last Friday, the bank repeated its forecast that inflation will slow down by the end of the year, emphasizing its focus on supporting economic recovery amid global uncertainty. This attracted new buyers to USD/JPY, just around 141.40-141.44.
Meanwhile, the Federal Reserve signaled two possible rate hikes at the end of the year, prompting a jump in US Treasury bond yields. This, in turn, allowed dollar to strengthen and rebound from a monthly low.
Only the overall weaker tone in stock markets kept yen afloat, but the upcoming speeches of Fed members will play a significant role in stimulating market sentiment.
A breakdown of 142.263 will lead to a further increase, and any significant corrective declines can be viewed as buying opportunities for now.
The material has been provided by InstaForex Company – www.instaforex.com
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