The USD/JPY experienced a decline on Thursday, as market participants took profits after an extended period of upward momentum.
It is important to consider that the Bank of Japan will continue to pursue loose monetary policy as Japan grapples with low inflation. In contrast, the Federal Reserve is expected to maintain a tight monetary policy stance. This fundamental divergence between the two central banks supports the notion that the US dollar will continue to appreciate over time.
A breakdown below the ¥142.50 level could lead to a further decline toward the 50-Day Exponential Moving Average, situated at the top of the previous bullish flag pattern. In this context, the 50-DayConsequently, value hunters are likely to emerge, seeking to take advantage of what they perceive as an opportunity to buy US dollars at a relatively lower price.
While the market experiences profit-taking, it is important to note that this is likely a temporary correction rather than a significant shift in sentiment. The prevailing trend remains firmly established, and it is anticipated that buying pressure will resume. In the short term, it may be prudent to observe the market from the sidelines to identify a favorable entry point.The US dollar saw a decline as profit-taking took place following a sustained period of upward movement. However, the market's overall bullish sentiment remains intact. The ¥142.50 level is expected to provide support, while the fundamental disparity between the Bank of Japan and thesupports the US dollar's upward trajectory.
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