The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Today, the Japanese yen is trying to build on the previous day's recovery. Recent statements from Japanese authorities have been the primary factor supporting the yen, although doubts about the Bank of Japan's ability to raise interest rates further limit the yen's recovery.
At the same time, expectations that Trump's policies will stimulate growth and inflation overshadow the dovish outlook of the Federal Reserve. This, in turn, helps boost U.S. Treasury yields, which act as a headwind for the yen. Additionally, U.S. dollar buying limits further declines in the USD/JPY pair.
Yesterday's decline in USD/JPY halted at horizontal support at 152.65. This level now acts as a key point; a break below it could accelerate the pair's corrective decline toward the round figure of 152.00, with further movement potentially targeting the 100-day Simple Moving Average (SMA). Sustained selling below this level would suggest that the upward movement from September's monthly swing low has run its course, paving the way for deeper losses in the pair.
On the other hand, the 153.50 zone may serve as the immediate hurdle, followed by the supply zone around 153.90. A further push above the round figure of 154.00 could lift USD/JPY toward the multi-month high of 154.70, last reached on Thursday. The bullish momentum could then extend beyond to the key resistance level of 155.00, with potential resistance near 155.20, marking the July 30 swing high.
Despite the recent decline, USD/JPY bulls maintain the upper hand as long as it trades above the 200-day SMA.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
