The Japanese Yen (JPY) remains tepid on Monday near its lowest level of 161.28 since 1986.
The Japan ese Yen hovers around its 38-year low of 161.28. The JPY may limit its downside due to possible intervention by Japan ese authorities. The US Dollar struggles as recent inflation data raise expectations of Fed rate cuts in 2024. The Japan ese Yen remains tepid on Monday near its lowest level of 161.28 since 1986. However, its downside seems limited as an upbeat Japan ’s business confidence data lifted market sentiment.
50 will reinforce the bullish sentiment, potentially driving the USD/JPY pair toward the psychological level of 162.00. On the downside, immediate support appears at the nine-day Exponential Moving Average at 159.98. A breach below this level could intensify downward pressure on the USD/JPY pair, potentially driving it toward the lower boundary of the ascending channel around 158.20. A break below this level could push the pair to test June’s low at 154.55.
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