The currency pair extends its decline as the Bank of Japan (BoJ) indicates a growing likelihood of achieving its inflation target, albeit gradually. BoJ members discussed potential measures to support a positive cycle of wages and inflation, which could bolster the Japanese Yen (JPY).

There’s also talk of potential forex intervention to address excessive weakness in the JPY. Japan’s top currency diplomat, Masato Kanda, has hinted at counteracting excessive JPY weakness.

Meanwhile, the US Dollar Index (DXY) is weakening despite higher US Treasury yields. Despite hawkish comments from Federal Reserve Bank of Atlanta President Raphael Bostic, who revised his earlier forecast of two interest rate cuts to just one due to persistent inflation and robust economic data.

However, the USD may face downward pressure due to expectations of the Federal Reserve initiating an easing cycle, possibly starting in June. Despite recent inflation spikes, the Fed has downplayed concerns, with Chairman Jerome Powell emphasizing that the central bank won’t rush to react to short-term inflation fluctuations.


Today last price151.16
Today Daily Change-0.29
Today Daily Change %-0.19
Today daily open151.45
Daily SMA20149.55
Daily SMA50149.02
Daily SMA100147.57
Daily SMA200146.66
Previous Daily High151.86
Previous Daily Low151
Previous Weekly High151.86
Previous Weekly Low148.91
Previous Monthly High150.89
Previous Monthly Low145.9
Daily Fibonacci 38.2%151.33
Daily Fibonacci 61.8%151.54
Daily Pivot Point S1151.02
Daily Pivot Point S2150.58
Daily Pivot Point S3150.16
Daily Pivot Point R1151.88
Daily Pivot Point R2152.3
Daily Pivot Point R3152.73

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