The Japanese Yen (JPY) retreated from its six-month highs on Tuesday as the unwinding of carry trades slowed.
The Japan ese Yen pulls back from six-month highs due to slowing unwinding of carry trades. The downside of the JPY could be limited due to increasing odds of further rate hikes by the BoJ. The US Dollar faces challenges from rising expectations of a 50-basis point rate cut by the Fed in September. The Japan ese Yen retreated from its six-month highs on Tuesday as the unwinding of carry trades slowed.
Technical Analysis: USD/JPY advances to near 145.00 USD/JPY trades around 145.20 on Tuesday. The daily chart analysis shows that the pair has halted its losing streak that began on July 30. The 14-day Relative Strength Index is below 30, indicating that the currency pair is oversold and may experience a short-term rebound. The USD/JPY pair may test the throwback support at the 140.25 level, a point observed in December.
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