BUZZ-COMMENT-FX traders should beware USD/JPY's upside is limited
Feb 12 (Reuters) - FX traders should beware that USD/JPY's latest recovery attempts this week will likely run out of steam due to solid technical resistance that will prove hard to crack.
The dollar held mostly steady against other major currencies on Wednesday as traders awaited U.S. inflation data, though remarks from Federal Reserve Chair Jerome Powell a day earlier lifted U.S. yields and lent some support against the yen.
A recent USD/JPY bear-trap under the 151.06 Fibo, a 76.4% retrace of the 148.65 to 158.88 (December to January) EBS rise, has fuelled a recovery. A bear trap is set when a market breaks below a technical level but subsequently reverses, which is usually a bullish sign.
Gains on Wednesday have hit 153.89 so far. However the thick daily cloud that currently spans the 153.60-155.63 region, will likely limit the upside. Also 14-day momentum remains negative, highlighting the residual underlying downside risk to eventually probe last week's 150.93 low.
For more click on FXBUZ
Related Articles
What is BNB? Can CZ's Return to Binance Propel It to $2700?
It’s also worth noting that 2028 marks Bitcoin’s fifth halving — a historically bullish catalyst. If past cycles repeat, BNB could ride the wave to new highs. Considering macroeconomic trends, supply dynamics, CZ’s potential return, and the next bull market, Standard Chartered’s target seems increas
Fed Rate Cut Finally Arrives,Dollar Index: Negative Catalysts Largely Priced In,Euro Rally May Be Running Out of Steam
Tradingkey - The Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 4.00%–4.25% late yesterday, as widely expected, and signaled two additional rate cuts this year.
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
Bitcoin Price Forecast: Trends and Investment Outlook from 2025 to 2030
From $0.01 in 2009 to $120,000+ in 2025, Bitcoin has evolved from obscurity to a globally recognized financial asset. While institutions and governments increasingly embrace it, investors must remain vigilant against volatility, security risks, and scams.
ASML Q2 FY2025 Earnings Review: Strong Growth and High-NA EUV Breakthrough Shadowed by 2026 Uncertainty
ASML Holding N.V. (NASDAQ: ASML) released its Q2 FY2025 earnings on July 16, 2025, exceeding market expectations with robust net sales and net bookings, though the stock fell around 10% due to cautious guidance for 2026 amid geopolitical uncertainties.
