Market Analysis: USD/JPY Updates the High of the Year

FXOpen

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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