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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 340295, member: 104606"] [B][SIZE=5]USD/JPY: Analysts Adjust Forecasts for the Strengthening of the Yen[/SIZE][/B] [img]https://i.imgur.com/EuJwWn0.jpeg[/img] Since the beginning of 2024, the USD/JPY price has been in an uptrend (as shown by the blue channel), but when the rate exceeded the psychological level of 150 yen per US dollar, market sentiment changed. This was due to expectations that the Bank of Japan would take interest rates out of negative territory — and statements from officials gave clear indications of this possibility. Expecting a tightening of monetary policy, the yen sharply strengthened against the dollar, and a bearish A→B impulse formed on the USD/JPY chart. However, having reached the level of 147 yen per US dollar (and dropped slightly below it), the market has stabilized. Moreover, we see some recovery: today, the USD/JPY price is trading around 147.8. [img]https://i.imgur.com/4i4KzO8.png[/img] [B][URL="https://fxopen.com/blog/en/oa-usd-jpy-analysts-adjust-forecasts-for-the-strengthening-of-the-yen/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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