The Japanese Yen (JPY) struggles to capitalize on a modest uptick against its American counterpart during the Asian session on Tuesday and remains well within the striking distance of a multi-decade low touched last week.
The Japanese Yen fails to lure buyers despite intervention fears and the risk-off impulse. The BoJ’s cautious outlook continues to undermine the JPY and lend support to USD/JPY. Reduced bets for a June Fed rate cut lift the USD to a multi-week top and act as a tailwind. The Japanese Yen struggles to capitalize on a modest uptick against its American counterpart during the Asian session on Tuesday and remains well within the striking distance of a multi-decade low touched last week.
00 and appreciate further From a technical perspective, the range-bound price action witnessed over the past two weeks or so might still be categorized as a bullish consolidation phase on the back of a strong rally from the March swing low. Moreover, oscillators on the daily chart are holding in the positive territory and are still far from being in the overbought zone. This, in turn, validates the near-term positive outlook for the USD/JPY pair.
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