The market is undergoing a correction after breaking its bullish structure. The weakening US Dollar (USD) has created favorable conditions for other assets, including the Japanese Yen (JPY). USD/JPY is currently retesting the previously broken trendline following a strong downward impulse.
On Thursday, the Yen reached its highest level in 10 weeks, pushing USD/JPY down to 149.5. Escalating trade tensions driven by Donald Trump’s aggressive tariff policies have led investors to seek safe-haven assets. Additionally, expectations of a Bank of Japan (BoJ) rate hike have further strengthened JPY’s position in the market.
In the short term, USD/JPY may continue a corrective rebound, testing the 0.618 - 0.5 Fibonacci retracement zone before resuming its downward movement.
On Thursday, the Yen reached its highest level in 10 weeks, pushing USD/JPY down to 149.5. Escalating trade tensions driven by Donald Trump’s aggressive tariff policies have led investors to seek safe-haven assets. Additionally, expectations of a Bank of Japan (BoJ) rate hike have further strengthened JPY’s position in the market.
In the short term, USD/JPY may continue a corrective rebound, testing the 0.618 - 0.5 Fibonacci retracement zone before resuming its downward movement.
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