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    USD/JPY Price Analysis: Dives below 150.00 amid BoJ member’s hawkish comments

    Source Fxstreet
    Feb 29, 2024 17:38
    • USD/JPY down 0.47%, reacting to BoJ's Takata hinting at possible exit from stimulus, stirring market speculation.
    • Technical analysis highlights crucial support at 149.21, with potential rebound or further decline in focus.
    • Breach below 149.21 could lead to further losses, targeting 148.31 and possibly extending to the 146.00 region.

    The USD/JPY trades with losses below the Tenkan-Sen level of 150.03, following “hawkish” comments by a Bank of Japan (BoJ) member, Takata. He said the BoJ needs to consider taking a flexible response, including exiting from monetary policy stimulus, which investors perceived as a normalization of monetary policy. At the time of writing, the pair exchanged hands at 149.98, down 0.47%.

    USD/JPY Price Analysis: Technical outlook

    The daily chart shows the pair printed a low at around 149.21, at the Senkou Span A level, before resuming to the upside and thus remaining shy of the 150.00 figure. A breach of the latter will expose the Tenkan-Sen and a resumption of the ongoing uptrend towards the 151.00 mark.

    Conversely, if the USD/JPY stays below the 150.00 mark and achieves a daily close below 149.21, look for a fall to the Kijun-Sen at 148.31, ahead of the 148.00 mark. If surpassed, the pair could aim toward the top of the Ichimoku Cloud (Kumo) at around 146.00-146.15.

    USD/JPY Price Action – Daily Chart

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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