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The USDJPY pair is currently undergoing a corrective phase
after a notable rally in the previous session.
“The USD/JPY pair is currently undergoing a corrective phase after a notable rally in the previous session”
The USD/JPY pair is displaying a slightly subdued trading pattern. Yesterday, the dollar gained strength as a result of an unexpected interest rate hike by the Bank of Canada in the international market, combined with a subsequent increase in US bond yields. This propelled the USD/JPY pair from the level of 139.00 yen to 140.20 yen.
During the morning session, the pair managed to maintain its robustness above the key 140 yen threshold. However, there was a shift in sentiment, with an inclination towards selling the dollar and buying the yen, which gathered some momentum and led to a moderately bearish tone in the afternoon.
The EUR/USD also witnessed a modest decline, touching the level of 1.0717. Although it briefly dipped below 1.07 in the morning, it rebounded to around 1.0710 following active participation from Tokyo traders. Subsequently, the market entered a consolidation phase but exhibited a slight further decline in the dollar ahead of the London session.
In line with the prevailing market dynamics, the EUR/JPY initially experienced a drop to 149.61 yen due to the decline in the USD/JPY pair. However, it rebounded to approximately 149.80 yen, propelled by buying pressure in the EUR/USD.
Meanwhile, the Turkish lira continues to establish new all-time lows on a daily basis. The USD/TRY pair reached 23.41 in the morning and underwent a minor adjustment, touching 23.248.
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