The hesitation in the US dollar's movement arises from higher-than-anticipated unemployment claims data released in the United States. However, this sharp pullback may be short-lived due to the interest rate differential between the two economies. The yield curve control policy maintained by the Bank of Japan also reinforces the expectation of continued buying pressure on the US dollar.
In the end, the US dollar faces a period of noisy trading and consolidation, characterized by a pullback and hesitation. Support levels at ¥139 and ¥130 assume significance, with the latter representing the top of a previous ascending triangle pattern. The interest rate differential between the economies and the Bank of Japan's yield curve control policy suggest continued buying pressure on the US dollar. Breaking above ¥141 could trigger further upside, potentially leading to a run toward ¥148.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »