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Category: Forex News

USD/JPY settles back into range as it runs the other way today

By Published On: March 1, 20240.8 min readViews: 2430 Comments on USD/JPY settles back into range as it runs the other way today

At one point yesterday, it looked like the pair was set for a technical shove to the downside. Sellers threatened a firm break below the lower limit around 149.70-80 after the US PCE price index data. The low even touched 149.20 before a strong rebound saw a recovery back towards the 150.00 level. That persisted into the daily close before the added gains today.

USD/JPY daily chart

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The move lower in the Japanese yen comes after BOJ governor Ueda said that they would still have to wait on the spring wage negotiations before acting. It’s a bit of a tone down to Takata’s remarks yesterday.

As such, USD/JPY is now back up to 150.45 but remains stuck somewhat in between the range before as seen on the daily chart. The lower limit continues to rest around 149.70-80. Meanwhile, the upper limit sits closer to the 150.80 level. That remains the technical cage for the pair until we get a firm breakout.


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