USD/JPY has stuck to narrowing ranges as November’s significant peaks come back into view
The Dollar seems to have benefitted from a bit of risk aversion in a trading environment weighed down by gloomy geopolitical stories from Ukraine to Gaza. The minutes from the January 1meeting at the Federal Reserve will hog the limelight on Wednesday. However, they are likely to be a little historic for markets. Strong USnumbers released since have already seen bets as to when rates might fall pushed back, with the market now looking at June or July rather than May.
Resistance comes in at February 13’s high of 150.795, ahead of November 13’s multi-decade peak of 151.594. Above that the uptrend channel offers resistance at 153.75, but that’s a long way above the market and isn’t likely to come into play anytime soon.
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