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As the USD/JPY chart shows, the Japanese currency exchange rate exceeded 138.8 yen per dollar this morning – the last time such a yen rate against the US dollar was fixed was in November 2022.
The USD/JPY peak was helped by statements from the Fed on Monday, signaling that monetary policy could remain tight for a long time to bring inflation back to the 2% target.
Based on the technical analysis of the USD/JPY pair, it is acceptable to assume that the rate may roll back, as the bulls are hindered by:
→ the presence of offers above the level of 138.0 is noticeable by the bearish candle on Friday;
→ approaching the psychological level of 140 yen per US dollar;
→ 50% level of decline from October 2022 peaks to January 2023 lows;
→ median line of the ascending channel (1).
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