USD/JPY drops to 133.00 neighbourhood, over one-week low amid heavy USD selling – by hareshmenghani USDJPY Fed Bonds BOJ Currencies
on. The pair is currently placed around the 133.15-133.10 region, down over 0.40% for the day, and is pressured by the heavily offered tone surrounding the US Dollar .
In fact, the USD Index, which tracks the Greenback against a basket of currencies, reverses a major part of the overnight strong gains and is seen weighing on the USD/JPY pair lower. Fresh concerns about the regional banking sector crisis in the US, along with fears of an imminent recession and worries about the US debt ceiling, have been fueling speculations that the Federal Reserve will cut interestlater this year.
That said, the Bank of Japan Kazuo Ueda's dovish remarks earlier this week, along with a modest recovery in the US equity futures, could undermine the safe-haven Japanese Yen and lend support to the USD/JPY pair.
Hence, any subsequent downfall is more likely to find decent support near the 133.00-132.90 region, representing a technically significant 100-day Simple Moving Average support. The market focus now shifts to the release of the US Q1 GDP report on Thursday and the US Core PCE Price Index - the Fed's preferred inflation gauge on Friday. This, along with the highly-anticipated
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