3 min readDOLLAR VS JAPANESE YEN (USD/JPY):
USD/JPY has been a fascinating pair to watch in recent weeks. The price has been range-bound, trading between lows of $140.00 and highs of $149.00. We know that price action was significantly impacted by the unwinding of the carry trade a few months ago, but I’m curious to see if the pair can regain some strength and rebound. At the moment, it seems to be holding within the support zone around the $140.00 to $141.00 region.
A closer look at the technicals shows that the price briefly broke above the descending trendline but failed to hold it as support and trade higher. For now, it appears to have slipped back into the previous trading range. It will be interesting to see if the pair makes another attempt to reclaim new highs, or if the daily 50 EMA will act as resistance once again. At the moment, the RSI indicator shows no signs that the currency pair is either overbought or oversold.
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