The USD/JPY pair extends its sideways consolidative price move for the second straight day and remains confined in a narrow range around mid-149.00s t
USD/JPY struggles for a firm direction and oscillates in a narrow band for the second straight day. The divergent Fed-BoJ policy outlook continues to act as a tailwind and should limit the downside. The technical setup also favours bulls and supports prospects for a move towards the 150.00 mark. hrough the Asian session on Tuesday. The uncertainty over the Federal Reserve’s next policy move keeps the US Dollar bulls on the defensive.
Some follow-through selling below the 149.00 round figure might then drag the USD/JPY pair towards the 200-period SMA support near the 148.15 region. This is closely followed by the 148.00 mark, below which the downward trajectory could get extended towards retesting the October 3 swing low, around the 147.30-147.25 region. On the flip side, the 149.80-149.85 region is likely to act as an immediate hurdle ahead of the 150.00 psychological mark or the potential intervention level.
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