The Japanese Yen edges lower as the BoJ is expected to maintain its current interest rates on Friday. The stable Japan’s equity market has undermined the JPY. The US Dollar holds ground due to reduced odds of the two Fed rate cuts in 2024. The Japanese Yen edges lower for the third consecutive trading day on Tuesday.
A significant hurdle is noticeable at the psychological level of 158.00. A breakthrough above this level could provide support, potentially guiding the USD/JPY pair toward the vicinity of the upper boundary near the level of 158.60. Further resistance is observed at 160.32, marking its highest level in over thirty years. To the downside, the lower boundary of the ascending channel, approximately at the level of 154.
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