USD/JPY: JPY Struggles Amid Global Tensions

USD/JPY: JPY Struggles Amid Global Tensions

The Japanese Yen (JPY) faces challenges in gaining momentum against the US Dollar (USD) as it retreats in the European session. European equity market optimism hampers the JPY's safe-haven appeal, while the USD sees positive traction ahead of the awaited FOMC meeting.

Technical Analysis:
The JPY faces resistance at 148.500 within the Fibonacci range of 61.8% to 78.6%, coupled with a potential bearish channel's dynamic trendline. Stochastic RSI divergence signals caution, and the price is poised for a potential bearish move.

Market Dynamics:
Global uncertainties, particularly in the Middle East, could limit JPY losses, supported by the Bank of Japan's recent hawkish stance. The looming uncertainty about the Fed's interest rate cuts may restrain aggressive USD bets, keeping the USD/JPY pair in check.

Looking Ahead:
Traders await key US economic data, including the Consumer Confidence Index and JOLTS Job Openings, for potential market direction amid the central bank event risk. The interplay of technical signals and geopolitical factors shapes the outlook for the JPY in the near term.

Our Idea:

Below 150.75 look for further downside with 145.00 & 142.00 as targets.

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