The USD/JPY pair comes under some selling pressure on Thursday and reverses the previous day's positive move to the 147.75 area, or the weekly high. S
pot prices, however, manage to recover a few pips from the daily low and trade around the 147.25 region, down less than 0.15% during the early part of the European session.underpin the Japanese Yen . This, along with a modest US Dollar downtick, fail to assist the USD/JPY pair to capitalize on its gains registered over the past two days. Spot prices, however, show some resilience below the 200-hour Simple Moving Average and attract some buyers near the 147.
The USD/JPY pair might then accelerate the momentum towards the 148.70-148.80 hurdle before aiming to conquer the 148.00 mark for the first time since October 2022. That said, speculations that Japanese authorities might interfere in the FX market to prop up the domestic currency might hold back bulls from placing fresh bets and cap any further upside for spot prices.
On the flip side, the 147.00 round figure might continue to protect the immediate downside ahead of the 146.75-146.70 region, representing an ascending trend-line support extending from the late July swing low. A convincing break below might prompt aggressive technical selling and drag the towards the 146.00 mark. The corrective decline could get extended to the 145.30 area en route to the 145.00 psychological mark and the monthly low, around the 144.45 zone.
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