USD/JPY: Technical Analysis Points to Potential Reversal
The USD/JPY pair experienced a nearly 0.30% decline, hovering around 148.90 in the early European session on Monday. Market sentiments attribute this downturn to speculations surrounding a potentially more accommodative monetary policy by the US Federal Reserve (Fed) in the upcoming year.
The prevailing negative sentiment around the US Dollar (USD) gains momentum with the release of mixed S&P Global PMI data, reinforcing the Fed's stance that its future decisions will be closely tied to incoming economic data.
Taking a closer look at the technical analysis, the USD/JPY pair underwent a reversal after hitting a bottom near the 147.500 area, initiating a new retracement. The current consolidation phase presents a potential pattern for a bullish impulse, with an anticipated target of 150.300 and, subsequently, 151.500.
As the week progresses, there are favorable indications for the USD to regain strength, prompting traders to closely monitor market developments and key economic data releases.
Our Preference:
Above 147.500 look for further upside with 150.30 & 151.50 as targets.
The USD/JPY pair experienced a nearly 0.30% decline, hovering around 148.90 in the early European session on Monday. Market sentiments attribute this downturn to speculations surrounding a potentially more accommodative monetary policy by the US Federal Reserve (Fed) in the upcoming year.
The prevailing negative sentiment around the US Dollar (USD) gains momentum with the release of mixed S&P Global PMI data, reinforcing the Fed's stance that its future decisions will be closely tied to incoming economic data.
Taking a closer look at the technical analysis, the USD/JPY pair underwent a reversal after hitting a bottom near the 147.500 area, initiating a new retracement. The current consolidation phase presents a potential pattern for a bullish impulse, with an anticipated target of 150.300 and, subsequently, 151.500.
As the week progresses, there are favorable indications for the USD to regain strength, prompting traders to closely monitor market developments and key economic data releases.
Our Preference:
Above 147.500 look for further upside with 150.30 & 151.50 as targets.
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