Dollar Outlook: Will USD Hit 154 JPY in the Forex Market?

Wednesday, 4 September 2024, 18:24

Dollar forecasts suggest the USD could hit 154 Japanese Yen (JPY) shortly. Recent analysis points to significant trading levels that could impact this currency pair. As discussions on the JPY carry trade intensify, market watchers are eager to see if the dollar can regain strength against the yen.
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Dollar Outlook: Will USD Hit 154 JPY in the Forex Market?

Currency Analysis: USD vs. JPY

In the latest currency analysis, the U.S. Dollar (USD) is poised to reach 154 Japanese Yen (JPY), with forecasted trading levels indicating potential consolidation. Forex trader Esmeralda_Gold shared insights on TradingView, projecting the critical resistance between 151.80 and 154.14 JPY if the USD maintains strength.

Technical Insights: Demand Zones

Currently, the USD trades at 144.0 JPY, nearing strong price support that has seen previous tests. A rebound from this support level is essential for the dollar to reach its targeted high.

Market Sentiment: Diverging Views

However, market sentiments diverge; some fundamental analysts maintain a bearish outlook on the USD/JPY exchange rate, influenced by the Bank of Japan's interest rate strategy and the Federal Reserve's possible rate cuts.

Impact of Interest Rates

Increasing interest rates by the BoJ could shift momentum towards a stronger yen, while the potential for a first interest rate cut by the Federal Reserve may trigger more USD sell-offs.

Forex market participants need to monitor these evolving scenarios closely, as they can significantly affect trading strategies and overall market dynamics.


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.


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