The Japanese Yen (JPY) drifts lower for the sixth straight day on Tuesday and weakens to a nearly two-week low against its American counterpart during the Asian session.
The Japanese Yen continues losing ground amid reduced bets for a BoJ policy pivot. Hawkish Fed expectations underpin the USD and further lend support to USD/JPY. Traders now look to the BoJ decision for fresh cues ahead of the FOMC meeting. The Japanese Yen drifts lower for the sixth straight day on Tuesday and weakens to a nearly two-week low against its American counterpart during the Asian session.
Technical Analysis: USD/JPY seems poised to appreciate further, bulls might now aim to reclaim the 150.00 psychological mark From a technical perspective, the USD/JPY pair is holding above the 61.8% Fibonacci retracement level of the February-March downfall and seems poised to climb further. The constructive outlook is reinforced by the fact that oscillators on the daily chart have just started gaining positive traction. Hence, some follow-through strength towards the 149.75-149.
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