USDJPY: Becoming unpredictable
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Today, USDJPY is trading around 147.66 and is in a corrective wave within its trend, as the currency pair has just experienced a downward breakout from a marked support level.
Accordingly, the USD/JPY pair is undergoing a downward trend as market confidence recovers due to expectations that the Federal Reserve will begin implementing interest rate cuts in March. Currently, the probability of this scenario is estimated at around 50:50, indicating the uncertainty of market participants. The USD/JPY pair traded lower near the 147.50 level during the European trading session on Thursday.
The price has reached the 0.5 Fibonacci retracement level, making this a sensitive moment for sellers to continue their attack once again. In this scenario, the EMA 89 line will be retested and prices may further decline towards 145.500.
Today, USDJPY is trading around 147.66 and is in a corrective wave within its trend, as the currency pair has just experienced a downward breakout from a marked support level.
Accordingly, the USD/JPY pair is undergoing a downward trend as market confidence recovers due to expectations that the Federal Reserve will begin implementing interest rate cuts in March. Currently, the probability of this scenario is estimated at around 50:50, indicating the uncertainty of market participants. The USD/JPY pair traded lower near the 147.50 level during the European trading session on Thursday.
The price has reached the 0.5 Fibonacci retracement level, making this a sensitive moment for sellers to continue their attack once again. In this scenario, the EMA 89 line will be retested and prices may further decline towards 145.500.
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