The USD/JPY pair struggles to capitalize on its gains registered over the past three days and oscillates in a narrow trading band, just above mid-157.00s during the Asian session on Tuesday.
USD/JPY is seen consolidating its recent gains registered over the past three days. The divergent Fed -BoJ policy stance should continue to lend support to the major. Any corrective decline could be seen as a buying opportunity and remain limited. Spot prices, however, remain well within striking distance of the highest level since late April touched last Friday and seem poised to prolong the recent well-established uptrend.
This remains supportive of elevated US Treasury bond yields and might limit the USD losses. Furthermore, the Bank of Japan's cautious policy approach should cap any meaningful JPY appreciating move and lend some support to the USD/JPY pair. The aforementioned fundamental backdrop seems tilted firmly in favor of bulls and suggests that the path of least resistance for spot prices remains to the upside.
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