The advent of autumn in the currency markets brings with it sustained volatility, primarily influenced by the actions of central banks to combat stubbornly persistent inflation.
However, the demand side has currently initiated a local correction, the completion of which may serve as the catalyst for another leg of downward movement.An intriguing development to watch for would be a potential rebound toward the confluence of the correction equality and the supply zone positioned in the price vicinity of $1.0570 per euro.
As a result, the Japanese yen depreciated. Despite a likely intervention and a temporary dip to 147 yen, it couldn't suppress the upward momentum on USD/JPY. Currently, the pair has entered a phase of local consolidation, and a breakout to the upside is expected to mark the beginning of a renewed assault on the psychological barrier of 150 yen.
However, it's worth noting that the demand impulse dynamics may pose challenges, as they do not align with a conventional corrective pattern.A strong supply signal will occur if the support level at 0.54 is breached, which will open the path for an attack on targets that are already positioned below 0.53. If the correction extends further, it will lead to a test of the supply zone near 0.555.
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