Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Today, the Japanese yen continues to remain in the shadow of the US dollar during the first half of the European session. Investors remain skeptical about the Bank of Japan's intentions to raise interest rates. The recent widening yield gap between US and Japanese bonds, bolstered by the Federal Reserve's hawkish stance, adds additional pressure on the low-yielding Far Eastern currency.
Furthermore, strong inflation data from Japan, published on Friday, has left some hope for a potential interest rate hike by the Bank of Japan in January or March. Geopolitical risks and speculation that Japanese authorities may intervene in the market to support the national currency could restrain yen bears. Additionally, renewed dollar buying during pullbacks helps USD/JPY advance ahead of the US consumer sentiment index release.
The Friday low near 155.95 provides immediate support against further declines. A drop below this level could be seen as a buying opportunity near the horizontal zone around 155.50. The next support level is tied to the psychological 155.00 level. Should this level be breached, the short-term bias would shift in favor of the bears, leaving USD/JPY vulnerable to further downside.
On the other hand, the 157.00 round level acts as the nearest resistance, followed by the 157.45 level and the multi-month high reached on Friday. Additional buying momentum beyond the 158.00 level would be viewed as a new bullish trigger, supported by positive oscillators on the daily chart. From there, USD/JPY could rise to an intermediate resistance level at 158.45 before attempting to reclaim the key psychological barrier at 159.00.
*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.
