USD/JPY to test the 108.16 July high
|The USD/JPY pair trades at fresh highs in the 107.30 price zone, its highest since July 2020. As FXStreet’s Chief Analyst Valeria Bednarik notes, bulls eye the 108.16 level.
See: USD/JPY to target the July high at 108.16/20 – Commerzbank
Key quotes
“Speculative interest waits for a speech from US Federal Reserve’s head, Jerome Powell, eyeing comments on yields and possible adjustments to the monetary policy.”
“Japan published the February Consumer Confidence Index, which improved from 29.6 to 33.8. Later today, the US will publish initial Jobless Claims for the week ended February 26, foreseen at 750K.”
“USD/JPYis overbought but could keep advancing in the near-term. The Momentum indicator maintains its bullish slope above its 100 level while the RSI indicator consolidates around 74, all of which supports a bullish continuation towards 108.16, July 2020 monthly high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.