The Japanese Yen (JPY) trades in a range against the US Dollar (USD) on Tuesday after the Minneapolis Federal Reserve President Neel Kashkari was reported as saying he believed the Fed had more work to do to bring down inflation.
The Japanese Yen falls against a stronger US Dollar on Tuesday. USD outperforms JPY after hawkish commentary from Fed President Kashkari. Indecision over direction of interest rates in both US and Japan is reflected in USD/JPY’s range bound yo-yo-ing. His comments helped lift the US Dollar.
On this chart too, the 148.80 low holds the key. Ultimately, as the saying goes, the “trend is your friend” and as long as 148.80 remains intact the medium-term trend remains firmly bullish. If the 151.93 level from October 2022 – which marked a 32-year-high – is breached, the uptrend will gain reconfirmation, with next targets expected to be met at the round numbers – 153.00, 154.00, 155.00 etc.
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