The USD/JPY stretched its advance to three consecutive days and registered gains of more than 0.30% due to Fed Chair Jerome Powell sticking to the script.
USD/JPY gains over 0.30%, buoyed by Powell's stance against rate cuts without clear disinflation. Technicals hint at resistance near the 162.00 mark; RSI approaches overbought territory. Support levels to monitor: 161.10 , 160.73 , 160.26 if bears take over. He said that lowering the fed funds rate is not an option unless there is progress in the disinflation process. The pair trades at 161.77, approaching the year-to-date high of 161.95.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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