USD/JPY Returns to Familiar Territory After Intriguing Shifts
Friday, 1 March 2024, 05:30
USD/JPY Movement Overview
At one point yesterday, it looked like the pair was set for a technical shove to the downside. Sellers threatened a firm break below the lower limit around 149.70-80 after the US PCE price index data.
Key Events
- The low even touched 149.20 before a strong rebound saw a recovery back towards the 150.00 level.
- The move lower in the Japanese yen follows BOJ governor Ueda's cautious stance related to awaiting spring wage negotiations.
- USD/JPY is now back up to 150.45 but remains stuck somewhat in between the range before as seen on the daily chart.
The lower limit continues to rest around 149.70-80, while the upper limit sits closer to the 150.80 level. That remains the technical cage for the pair until we get a firm breakout.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.