The Japanese Yen (JPY) extends its losses for the third consecutive session on Wednesday.
The Japan ese Yen loses ground as the US Dollar remains stable amid improved Treasury yields. The JPY could limit its downside as traders expect intervention by authorities. BoJ data showed that authorities entered the FX market on consecutive trading days last Thursday and Friday. The Japan ese Yen extends its losses for the third consecutive session on Wednesday. The USD/JPY pair has received support from a modest rebound in the US Dollar , which is likely influenced by improved Treasury yields.
This signals that it may be prudent to hold off on buying until the trend shows signs of reversal. Additionally, the momentum indicator, the 14-day Relative Strength Index , is below the 50 level, indicating a bearish bias. However, a further increase in the RSI could weaken the bearish sentiment. Immediate resistance is observed around the nine-day Exponential Moving Average at 159.20, followed by the lower boundary of the ascending channel at 160.60.
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