We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News The USD/JPY Rebounds Off The 100-Hour Simple Moving Average And Trades With a Slight Bullish Inclination Above Mid-141.00s

The USD/JPY Rebounds Off The 100-Hour Simple Moving Average And Trades With a Slight Bullish Inclination Above Mid-141.00s

USD/JPY finds support near the 100-hour simple moving average, halting the overnight decline from the yearly high. The JPY continues to be weakened by the BoJ's dovish stance, which functions as a tailwind for the pair. Prior to Powell's testimony, any additional gains are capped by the Fed rate rise uncertainty.

TOP1 Markets Analyst
2023-06-21
9359

USD:JPY.png

 

Throughout the Asian session on Wednesday, the USD/JPY pair struggles to obtain traction and oscillates in a narrow trading band just above the mid-141.00s. Spot prices, however, remain above the 100-hour Simple Moving Average (SMA) and, for the time being, appear to have halted yesterday's retreat from the greatest level since November 2022.

 

A more dovish stance adopted by the Bank of Japan (BoJ) continues to weigh on the Japanese Yen (JPY), which functions as a tailwind for the USD/JPY pair. In fact, the minutes from the April meeting of the Bank of Japan revealed that a number of participants felt it was appropriate for the central bank to continue the current monetary easing. The minutes also revealed that Japanese Prime Minister (PM) Fumio Kishida and Bank of Japan (BoJ) Governor Kazuo Ueda concurred there was no need to change the government-BoJ joint statement at this time.

 

Aside from this, a modest increase in the US Dollar (USD) is another factor supporting the USD/JPY pair. The Federal Reserve's (Fed) hawkish outlook, indicating that borrowing costs may still need to increase by up to 50 basis points and predicting a higher peak interest rate this year, continues to support the dollar's mild bid tone. In spite of expectations that the US central bank is approaching the end of its rate-hiking cycle, USD bulls appear reluctant to place aggressive wagers ahead of Fed Chair Jerome Powell's testimony.

 

Consequently, Powell's remarks will be closely analysed for hints about the Fed's future rate-hike course, which, along with speeches by a multitude of FOMC members, will have a significant impact on the USD price dynamics. This, in turn, should help investors determine the USD/JPY pair's near-term trajectory. Notwithstanding, the aforementioned fundamental environment suggests that the path of least resistance for spot prices is to the upside, and any significant corrective decline may still be viewed as a buying opportunity.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free