The dovish statements suggest that the BoJ’s exit from its ultra-loose position will not likely result in multiple rate hikes, as seen in other key economies recently, but rather only a few scattered ones. In theory, this could limit the yen's recovery potential in the coming months, making it less attractive in terms of its yield differential versus its major peers.
Curious about where the Japanese yen is headed? Explore all the insights in our Q1 trading forecast. Request your complimentary copy today! On the flip side, if sellers return unexpectedly and spark a pullback, 148.90 should be the first line of defense against a bearish attack. Further losses beyond this technical floor could draw attention first to 147.40, and then to 146.00 if weakness persists for long.Want to understand how retail positioning may influence EUR/JPY’s near-term direction? Our sentiment guide holds all the answers.
In the event of a bearish reversal, support emerges at 159.70. Below this point, the 100-day simple moving average becomes the next potential technical floor for the market, succeeded by the 50-day simple moving average at 158.30. Further down, the focus shifts to 157.50.Feeling discouraged by trading losses? Take control and improve your strategy with our guide, "Traits of Successful Traders." Access invaluable insights to help you avoid common trading pitfalls and costly errors.
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