The trend is still bullish for USDJPY
The renewed strength of the US dollar comes at a time when currency traders were inclined to the opinion that the worst losses of the year for the yen were behind it. Thigher oil prices
Leveraged investors cut their net bearish bets to the lowest level since March 2021, according to the latest data from the Commodity Futures Trading Commission. While further strength in the US dollar could reignite one of the hottest macro trades of the year, yen watchers now see any pullback as temporary. But paying over $140 per dollar would renew pressure on the Bank of Japan over its super easy monetary policy and on the government to step in.
Federal Reserve Chairman Jerome Powell is expected to reiterate the US central bank's intention to continue raising interest rates to contain inflation in his speech on Friday, eliminating speculation of a rate cut next year. Breaking the resistance 138.30 will strengthen expectations for a more important upward move, which is the historical psychological resistance 140.00.
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