Japanese Yen: Momentum builds below 155 against US Dollar - MUFG
MUFG’s Teppei Ino notes that USD/JPY has fallen below the bank’s 155 forecast floor, briefly trading under 154.50 and testing key Fibonacci retracement levels.
Japanese Yen momentum has intensified as USD/JPY slipped below 155 against the US Dollar, dropping to 154.50 and testing critical Fibonacci retracement levels, according to MUFG’s Teppei Ino. The currency pair has been struggling to reclaim the 155 mark, with recent declines potentially signaling the formation of a new trading range where 155 serves as an upper boundary.
Factors contributing to the Yen's strength include Japan's fiscal and monetary policies, US Treasury Secretary Scott Bessent's comments questioning the reflationary measures, and fading Dollar buying momentum due to expectations of Fed intervention. If USD/JPY fails to regain the 155 level, markets may begin treating it as the new upper limit of a range.
However, it remains uncertain whether the broader market sentiment has truly shifted or if the Yen has definitively entered a new trading range.
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