USD/JPY PRICE FORECAST: HOVERS AROUND 145.20 POST-FED MINUTES RELEASE
- USD/JPY steady as Fed minutes hint at easing, lowering US 10-year yields.
- Selling momentum persists; RSI indicates more downside potential.
- Below 145.00 targets 143.61, then 141.69; resistance at 146.00 could extend to 146.92, 149.39.
The USD/JPY trims some of its earlier gains after July’s Federal Reserve’s meeting minutes hinted the US central bank could ease policy as soon as September. Therefore, US Treasury bond yields, particularly the 10-year yield, slumped and weighed on the major due to its positive correlation. At the time of writing, the USD/JPY trades at 145.21, virtually unchanged.
USD/JPY Price Forecast: Technical outlook
After falling to a seven-month low of 141.69, the USD/JPY recovered some ground and hit a two-week high of 149.39 before resuming its ongoing downtrend. Momentum backs sellers as depicted by the Relative Strength Index (RSI).
If USD/JPY drops below 145.00, the August 6 daily low of 143.61 will be exposed. Once cleared, the next support would be 141.69, followed by December’s 28 low of 140.25
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