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USD/JPY tries to recover
Information is not investment advice
The US dollar is correcting up versus the Japanese yen. USD/JPY managed to rise above the 50-period MA on H4 and get above the highs of last week. The pair is also trading above the weekly pivot point at 108.19. This opens the way up to the 109.00 area. This level is the target for the bullish correction. Beyond this point, it will be riskier to trace the retracement. Given the declining resistance line around 109.25, it will be sensible to think about selling the pair if it manages to get this far.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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