The USD/JPY pair jumps to near 158.00 in Monday’s American session.
USD/JPY rises to a seven-week high near 158.00 amid multiple tailwinds. The US Dollar strengthens as the Fed maintains hawkish guidance on interest rates. The Japanese Yen weakens as BoJ pushes plans for a reduction in bond-buying operations. The asset extends its upside as Fed eral Reserve’s hawkish narrative on the interest rate outlook has strengthened the US Dollar and the postponement of taper tantrum plans by the Bank of Japan has weakened the Japanese Yen.
USD/JPY trades in a Rising Channel chart formation on a four-hour timeframe in which each corrective move is considered a buying opportunity by market participants. The asset remains above the 200-period Exponential Moving Average near 156.00, suggesting that the overall trend is bullish. The 14-period Relative Strength Index hovers near 60.00. Momentum would lean towards the upside if the oscillator establishes above 60.00. More upside would appear if the asset breaks above June 14 high at 158.
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