Japanese Yen recovers from two-month low as BoJ rate hike bets meet intervention risk
The USD/JPY pair attracts some sellers during the Asian session on Thursday, snapping a two-day winning streak to its highest level since early September, around the 160.00 psychological mark touched the previous day.
The USD/JPY currency pair experienced a dip from its two-month high near 160.00, as the Bank of Japan's upcoming rate hike and intervention risks weighed on the Japanese Yen. Despite a slight improvement in the preliminary Corporate Goods Price Index (CGPI), showing a 0.7% increase in October, the risk of a further decline remained.
The BoJ's warning against excessive foreign exchange volatility added to the caution. The US Dollar's consolidation after a two-day rally also contributed to the downward pressure on the USD/JPY pair. The technical analysis indicated a bullish bias above the 100-day Simple Moving Average at 158.99, with support levels at the 100-day SMA and 50.0% retracement.
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