USDJPY: Continue to reduce as the new week begins!
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Dear friends, USDJPY started the session today with a slight decline, trading around 147.75 and losing 0.25% throughout the day as it remains in a corrective wave despite its short-term upward trend.
In this context, the Japanese Yen attracts some safe-haven flows amid deepening political tensions. The USD maintains stability below its monthly peak and may support USD/JPY. Traders can also anticipate the important FOMC meeting in the face of uncertainty regarding interest rate cuts.
Any further price slide is likely to attract buyers near the round figure of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low level. A convincing break below the following level could shift the short-term trend favorably for bearish traders and push the spot price down to the horizontal support level at 146.700.
In this context, the Japanese Yen attracts some safe-haven flows amid deepening political tensions. The USD maintains stability below its monthly peak and may support USD/JPY. Traders can also anticipate the important FOMC meeting in the face of uncertainty regarding interest rate cuts.
Any further price slide is likely to attract buyers near the round figure of 147.00, which would help limit the downside of the USD/JPY pair near the 146.45 area or last week's low level. A convincing break below the following level could shift the short-term trend favorably for bearish traders and push the spot price down to the horizontal support level at 146.700.
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