USD/JPY Technical Analysis: Attempts to Break Bullish Trend

Prior to the closing of last week’s trading, the price of the USD/JPY currency pair was exposed to profit-taking operations that pushed it towards the 135.56 support level on Friday. This was the lowest for the currency pair in more than two weeks. It settled around the 136.15 level at the beginning of this week’s trading. The US dollar gave up some of its recent record gains against the rest of the other major currencies, as some statements by the Federal Reserve’s monetary policy officials calmed the path of markets’ expectations about the rates and times of US interest rate hikes, especially with US inflation continuing to record records.

What will Interest Rate Announcement Lead To?

This week, the US dollar pairs will be watched with the announcement of a new US interest rate hike by the Federal Reserve and the US economic growth rate figure. Some Fed officials suggested last week that US inflation figures for June did not move them in favor of raising US interest rates at a faster pace, forcing markets to rethink bets on an emerging risk of a full percentage point. increase this month.

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