$USDJPY Clinging onto a Trendline Against Yen Forex Trading
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The question now is whether they can continue to see a reason to slow down rates, which would drive the value of the US dollar down, thereby decreasing the pressure on the Bank of Japan, or if inflation continues to be overly strong, which means that the Federal Reserve will be tight for longer.has fallen a bit during the trading session on Tuesday, as we continue to hang on to the same trendline we have been up against for a while.
The market is hanging around the crucial ¥138 level, which extends down to the ¥137.50 level as support., which is right around the ¥135 level. It is at that point that I think a move below that level breaks down and it sends the market much lower.As we are between the 50-Day EMA and the 200-Day EMA, you quite often get a lot of noisy behavior before the market squeezes in one direction or another.
The question now is whether they can continue to see a reason to slow down rates, which would drive the value of the US dollar down, thereby decreasing the pressure on the Bank of Japan, or if inflation continues to be overly strong, which means that the Federal Reserve will be tight for longer. I suspect that will probably be the case, but right now the market is still looking for some type of reason to loosen up. With the Core PCE numbers coming out on Thursday and the jobs number on Friday, expect more volatility as we get later in the week, as it will give us an idea as to what the Federal Reserve must do over the next several weeks.
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