The post USD/JPY rally halts at 152.90 awaiting more data from the US appeared on BitcoinEthereumNews.com.

The recovery of the USD/JPY pair reverses with bulls halted at 152.90. Dovish comments from BoJ officials and strong US data are supporting the pair. The immediate bias remains positive, with bears capped above 152.00. The US Dollar snaps a three-day positive trend on Thursday against the Japanese Yen. The pair is trading with moderate losses with the market focusing on US Producer Prices and and Jobless Claims figures, due later today. From a wider perspective, however, the pair maintains its immediate bullish trend. The dovish comments from BoJ policymakers suggesting that there is no rush to hike interest rates cast doubts on the outcome of next week’s monetary policy decision and will likely keep the Yen on its back foot. A dovish BoJ and strong US data support the Dollar The higher US Treasury yields, with the 10-year yield hitting 4.3% – from 4.12% last week is another source of support for the Greenback. US inflation accelerated in November at its fastest pace in seven months, which is forcing investors to dial back hopes of monetary easing for 2025. The focus today is on November’s PPI and last week’s Jobless Claims figures. Price pressures are expected to have also increased at factory gates with unemployment claims declining. This would endorse the view of a resilient US economy, increasing support for the Greenback USD/JPY Technical Outlook The 4-hour USD/JPY chart shows the pair correcting higher, with bulls capped so far at the 50% Fibonacci retracement level of November’s sell-off. The immediate bias remains positive, with price action standing above the 100-period SMA, which meets the price right below 152.00. the key support for the upside trend is at 150.90. Resistances are at 152.85 and 153.60   Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against…

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Filed under: News - @ December 12, 2024 1:26 pm