The
Japanese
Yen
(JPY)
edges
higher on
Thursday,
possibly
driven
by
the
rising
speculation
that
the
Bank
of
Japan
(BoJ)
might
raise
interest
rates
at
its
upcoming
July
meeting.
This
development
supported
the
JPY
while
weakening
the
USD/JPY
pair.
The
Japanese
government’s
10-year
JGB
yield
holds
steady
at
approximately
1.09%,
near
its
peak
of
1.1%
recorded
on
July
3.
The
stability
comes
amidst
selling
pressure
on
Japanese
government
bonds,
reflecting
overseas
investors’
anticipation
that
the
Bank
of
Japan
may
raise
interest
rates
in
response
to
a
weakening
Japanese
Yen,
as
reported
by
Nikkei
Asia.
The
US
Dollar
(USD)
weakened,
likely
impacted
by
lower
US
Treasury
yields.
Fed
Chair
Jerome
Powell
highlighted
the
urgent
need
to
monitor
the
deteriorating
labor
market
on
Wednesday
while
expressing
optimism
about
the
downward
trajectory
of
inflation.
Traders
are
now
eyeing
the
upcoming
US
Consumer
Price
Index
(CPI)
data
for
June,
scheduled
for
release
on
Thursday,
for
more
clarity
on
the
Federal
Reserve’s
(Fed)
monetary
policy
direction.
USD/JPY
trades
around
161.60
on
Thursday,
maintaining
an
upward
trajectory
within
an
ascending
channel
pattern,
indicating
a
bullish
bias
according
to
daily
chart
analysis.
Supporting
this
outlook,
the
14-day
Relative
Strength
Index
(RSI)
sits
just
below
the
70
level,
suggesting
potential
overbought
conditions.
A
breach
above
this
level
could
signal
a
need
for
caution
and
a
possible
correction.
The
USD/JPY
pair
may
aim
for
psychological
resistance
near
163.00,
located
at
the
upper
boundary
of
the
ascending
channel.
A
successful
breakout
above
this
level
could
reinforce
bullish
sentiment,
potentially
pushing
the
pair
toward
significant
resistance
around
163.50.
Conversely,
initial
support
is
expected
around
the
21-day
Exponential
Moving
Average
(EMA)
at
160.13.
A
drop
below
this
level
might
trigger
selling
pressure,
testing
the
lower
boundary
of
the
ascending
channel
near
the
psychological
level
of
160.00.
A
further
decline
below
this
channel
support
could
see
the
pair
revisiting
June’s
low
around
154.55.
The
table
below
shows
the
percentage
change
of
Japanese
Yen
(JPY)
against
listed
major
currencies
today.
Japanese
Yen
was
the
strongest
against
the
US
Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.07% | -0.09% | -0.05% | -0.04% | -0.22% | -0.27% | -0.07% | |
EUR | 0.07% | -0.01% | 0.04% | 0.04% | -0.14% | -0.19% | 0.00% | |
GBP | 0.09% | 0.00% | 0.04% | 0.06% | -0.13% | -0.18% | 0.04% | |
JPY | 0.05% | -0.04% | -0.04% | 0.00% | -0.18% | -0.27% | -0.02% | |
CAD | 0.04% | -0.04% | -0.06% | -0.00% | -0.21% | -0.24% | -0.03% | |
AUD | 0.22% | 0.14% | 0.13% | 0.18% | 0.21% | -0.06% | 0.15% | |
NZD | 0.27% | 0.19% | 0.18% | 0.27% | 0.24% | 0.06% | 0.22% | |
CHF | 0.07% | -0.01% | -0.04% | 0.02% | 0.03% | -0.15% | -0.22% |
The
heat
map
shows
percentage
changes
of
major
currencies
against
each
other.
The
base
currency
is
picked
from
the
left
column,
while
the
quote
currency
is
picked
from
the
top
row.
For
example,
if
you
pick
the
Japanese
Yen
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
JPY
(base)/USD
(quote).
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