USD/JPY Price Forecast: Remains close to 20-day EMA
The Japanese Yen (JPY) trades higher against the US Dollar (USD) on Thursday. In the European trade, the USD/JPY pair is down 0.3% to near 157.90.
The Japanese Yen (JPY) continues to trade near the 20-day Exponential Moving Average (EMA) of 157.90 against the US Dollar (USD) on Thursday. The pair faces downward pressure, as the US Dollar shows signs of weakness due to concerns over potential policy struggles by US Republicans after a challenging midterm election outcome against the Democratic party.
USD/JPY is currently hovering at 157.93, with the Relative Strength Index (RSI) at 50.66, indicating a neutral market sentiment. The pair will likely test the 20-day EMA for support, with no nearby resistance levels identified in the available data. The Nonfarm Payrolls (NFP) report for October, scheduled to be released on Friday, will be a key economic indicator that could significantly influence Federal Reserve (Fed) monetary policy expectations and further impact the USD/JPY exchange rate.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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