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USD/JPY Forecast Today - 10/10: Central Bank Favor USD
(MENAFN- Daily Forex)
USD/JPY Technical analysis and Expectations Today:According to the performance on the daily chart, the USD/JPY price is in an upward channel path. As we mentioned before, the psychological resistance level of 150.00 will remain the most important to confirm the strength of bulls' control over the trend and increase technical buying opportunities. Especially, if the Japanese central bank remains cautious in providing further policy tightening. Technical indicators will move towards strong overbought levels if the currency pair moves towards the resistance levels of 150.85 and 151.60, respectively. On the other hand, and over the same period of time, the current upward channel will be broken if the currency pair declines towards and below the support level of 145.30. Today the currency pair will be affected by the announcement of US inflation figures through the Consumer Price Index, along with the announcement of the weekly jobless claims.Ready to trade our daily forex forecast ? Here are the best forex brokers in Japan to choose from.
- The Japanese yen has declined below 149.50 yen against the US dollar, heading towards its lowest levels since early August, as traders' expectations of interest rate cuts by the US Federal Reserve have diminished in light of the latest US jobs report and the minutes of the Federal Open Market Committee (FOMC).
- Investors are also gearing up for the latest US inflation data, which could impact the Fed's decision on interest rates in November.
USD/JPY Technical analysis and Expectations Today:According to the performance on the daily chart, the USD/JPY price is in an upward channel path. As we mentioned before, the psychological resistance level of 150.00 will remain the most important to confirm the strength of bulls' control over the trend and increase technical buying opportunities. Especially, if the Japanese central bank remains cautious in providing further policy tightening. Technical indicators will move towards strong overbought levels if the currency pair moves towards the resistance levels of 150.85 and 151.60, respectively. On the other hand, and over the same period of time, the current upward channel will be broken if the currency pair declines towards and below the support level of 145.30. Today the currency pair will be affected by the announcement of US inflation figures through the Consumer Price Index, along with the announcement of the weekly jobless claims.Ready to trade our daily forex forecast ? Here are the best forex brokers in Japan to choose from.

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