2024-07-19 03:45:00 ET
Summary
- Japanese authorities have not confirmed whether they have intervened in the market to support the Yen.
- USD/JPY broke a long-term descending trendline but found support near the 100-day MA and 155.00 level.
- Price Action outlook and potential setups on USD/JPY and GBP/JPY.
By Zain Vawda
Fundamental Overview
The Japanese Yen is enjoying a stellar week, thanks in part to optimism around wage growth as well as rising rate cut optimism from the US Federal Reserve. The Yen rally has sparked talk of possible intervention for Japanese authorities, who have refused to confirm whether intervention took place or not....
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Price Action On USD/JPY, GBP/JPY