Speculators lifted their bearish stance on the Japanese yen to the highest level in nearly a year as the currency extended its slide against the dollar as markets boosted
The USD/JPY began Friday's trading session with a decline but quickly found support, attracting eager traders looking to join the upward momentum.
The US dollar experienced an initial decline during Thursday's trading session but quickly reversed course, demonstrating signs of strength.
Investors' continued abandonment of the Japanese yen in light of the continued easing policy of the Japanese Central Bank and the lack of benefit from the markets.
The US dollar had a mixed performance in Wednesday's trading session, oscillating around the recently broken ascending triangle pattern.
The current strong upward path for the USD/JPY currency pair, which tested the 138.91 resistance level, before settling around 138.50 at the time of writing, will strengthen
The sharp contrast between the policy of the Japanese central bank, which adopts an accommodative policy to stimulate the Japanese economy
The USD/JPY encountered an initial drop during Monday's trading session, reflecting the ongoing volatile behavior in the market.
By the end of last week's trading, the Japanese yen was trading relatively flat against some of the major currencies.
The USD/JPY has shown strength against the Japanese yen in recent trading sessions, with the market poised to continue its upward trajectory.
Since the start of trading this week and the price of the currency pair the US dollar against the Japanese yen is on the path of rebounding upwards with gains reaching the resistance level of 137.70 which is stable around it at the time of writing the analysis.
The US dollar experienced a slight retracement against the Japanese yen during Tuesday's session.
Since the start of this week's trading, the price of the USD/JPY currency pair is on a rebound path to the upside.
The US dollar saw a furious recovery last week, drawing fuel from its safe-haven qualities as risk sentiment deteriorated and from some survey data that cast doubt on the popular notion that the Fed will soon cut interest rates.
The USD/JPY exhibited a rally on Monday, indicating renewed strength as the Japanese yen continues to face the consequences of quantitative easing measures.
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