USD/JPY 20/07: The EMA indicator line shows a SELL signal
USDJPY
USD/JPY raises bids to reverse early-day losses around 139.50 in the first hour of Thursday's European session. The Yen pair justifies the recent bearish macros, as well as the news, around Japan while not cheering for US Dollar weakness amid a sluggish trading day so far. That said, the Japanese government recently announced a downward revision of the Fiscal Year (FY) 2023-24 growth forecasts of major Asian companies. In doing so, policymakers in Tokyo predict growth in fiscal year 2023-2024 to come in at 1.3% versus 1.5% previously expected.
The convergence of the previous support line from late March combines with the 50 Exponential Moving Average (EMA) on the daily chart to highlight 140.500 as a major short-term upside hurdle to USD/JPY breaks through to convince buyers.
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