The Japanese Yen (JPY) yo-yos in a wide range versus the US Dollar (USD) on Thursday, as numerous factors impact the pair, from increasing tensions on
Japanese Yen declines against the US Dollar due to broad risk aversion on Israel-Palestine tensions. FX market intervention from the Japanese authorities may have propped up the weakening Yen as USD/JPY passed the 150 threshold. In the US session, USD weakens after a raft of US data releases, including GDP and Jobless Claims. the Gaza strip to the release of key US data and the rumored intervention of Japanese authorities in the FX markets.
16 highs of October 3, confirming a breakout. Although it has not been a particularly decisive breakout – Thursday’s breakout candle is a ‘Doji’ indicating indecision – price will, nevertheless, probably continue higher, given the overarching uptrend. The triangle’s technical target is at around 152. US Dollar vs Japanese Yen: Daily Chart The Moving Average Convergence Divergence momentum indicator is showing bearish divergence with price when compared with the October 3 high.
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