The USD/JPY pair consolidated in a narrow range of around 149.00 as investors remained baffled between supporting the US Dollar and the Japanese Yen a
USD/JPY trades back and forth around 149.00 amid a risk-off mood. The Middle East tension could suck in foreign players. USD/JPY trades inside the ‘flash clash’ candlestick formed on October 3, which was misinterpreted as BoJ’s intervention. mid a risk-off mood. Deepening tensions between Israel and Hamas have prompted expectations of participation from other Middle East economies in the war, which has impacted the demand for safe-haven assets heavily.
The clarification from Bank of Japan’s money market data that the flash crash move was not due to the central bank’s intervention. The asset trades closely to the 50-period Exponential Moving Average at 149.00, which indicates a sideways move ahead. Also, the Relative Strength Index oscillates in the 40.00-60.00, indicating that investors await a fresh trigger. Going forward, a decisive break above October 03 high at 151.16 would drive the asset toward 21 October 2022 high around 152.
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