The Japanese Yen draws some support from bets for an eventual BoJ policy pivot. The uncertainty over the Fed’s rate-cut path keeps the USD bulls on the defensive. Traders also seem reluctant ahead of the BoJ and FOMC policy meetings next week. The Japanese Yen struggles to gain any meaningful traction during the Asian session on Thursday and remains confined in the previous day's broader trading range against its American counterpart.
00 mark From a technical perspective, the USD/JPY pair has been showing some resilience below the 38.2% Fibonacci retracement level of the December-February rally. The subsequent move up, however, struggled to find acceptance above the 100-day Simple Moving Average and faltered ahead of the 23.6% Fibo. level.
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