Created
: 2023.05.27
2023.05.27 04:06
USD/JPY rallied sharply past the 140.00 figure on Friday late in the New York session, after traveling towards its daily low of 139.49, before making a U-turn. Solid economic data from the United States (US) bolstered the odds for another rate hike by the Federal Reserve (Fed), as shown by the market reaction. US Treasury bond yields rose before reversing their course, while the US Dollar weakened. At the time of writing, the USD/JPY is trading at 140.60.
After hitting a new year-to-date (YTD) high of 140.72, the USD/JPY retraced somewhat but remains upward biased. Once the USD/JPY cracked the November 30 swing high of 139.89, buyers piled in to break the 140.00 figure despite Japanese Finance Minister Shunichi Suzuki saying that markets should set currency rates based on economic fundamentals. He stated that he's watching exchange-rate moves closely.
During Friday's session, USD/JPY continued and extended its gains, but the pair lost momentum as the New York session began to wind down. However, if USD/JPY extends its gains past 141.00, the next resistance would be the 142.00 figure, ahead of testing the November 22 High at 142.24.
Conversely, the USD/JPY first support would be the 140.00 mark, ahead of falling to November 30 previous resistance turned support at 139.89. A dip below could clear the way for the pair to fall toward December 15 daily high at 138.17 before reaching the 20-day Exponential Moving Average (EMA) At 137.26.
Created
: 2023.05.27
Last updated
: 2023.05.27
FXStreet
Financial media
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users.Cookie policy