USD/JPY falls below the zone at 141.50 ahead of BoJ minutes USDJPY Majors
BoJ) stealth intervention. However, the Japanese currency remains vulnerable amid the rate cuts announced by the People Bank of China , which fueled global economic downturn worries.A Reuters poll revealed that a majority of economists believe Japan's government and the BoJ are likely to take action if the Japanese Yen experiences a decline and reaches the 145 per U.S. Dollar level.
On the other hand, during the Asian session, the People's Bank of China announced a decrease in the benchmark Loan Prime Rates by 10 basis points . This decision resulted in the one-year LPR declining from 3.65% to 3.55%, while the five-year LPR was reduced from 4.30% to 4.20%. These rate cuts served as a reminder to investors of the sluggishness observed in Chinese economic activity, and as China is a big trading partner from Japan, the JPY is set to remain vulnerable.
Focus now shifts to Chair Powell’s testimony before the US Congress on Wednesday’s session, where market participants will look for clues regarding the next steps of the Federal Reserve monetary policy.for the short term. Despite bulls taking a breather, the positive readings of both the Relative Strength Index and Moving Average Convergence Divergence suggest that the market could be gearing up for another upward movement.
On the downside, the daily low at 141.30 stands as immediate support for the pair. If breached, the price could see a steeper decline towards the 20-day Simple Moving Average at 140.05 and 139.20 zone. Furthermore, if the pair manages to move higher, the next resistances to watch are at the 142.00 zone, followed by the 142.50 area and the 143.00 level.
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