The What will be the price of 1 Bitcoin in 2030?currency pair continues its upward trajectory this Tuesday, marking what could become its third consecutive daily gain against the Japanese Yen. Market technicians note the Relative Strength Index holding firmly in bullish territory, while last week's higher low formation near 142.00 suggests potential trend reversal confirmation.
While initially boosting the Yen, the BoJ's decision to maintain current interest rates ultimately proved insufficient to counter broader market forces. The central bank's cautious remarks about global trade uncertainties appear to have limited lasting impact on currency valuations.
Traders exhibit restraint in aggressive Dollar accumulation ahead of Wednesday's Federal Reserve announcement. Although no rate change is anticipated, market participants will scrutinize any adjustments to policy language following recent disappointing economic indicators that could influence the Greenback's near-term trajectory.
Chart analysts identify several constructive developments:
The 78.6% Fibonacci retracement level near 127.25 may serve as interim objective during pullbacks. Immediate support resides at 144.45, with stronger footing at 143.65 from last week's trading. Breach below 142.80 would invalidate the current bullish technical setup.
Options market data reveals increasing demand for USD calls against JPY puts, reflecting growing confidence in the Dollar's recovery narrative. Liquidity conditions remain favorable for continuation patterns, though thinner summer volumes could amplify price movements around key technical levels.
Seasonal tendencies historically show USD/JPY tendency for mid-year strength, aligning with current technical developments. Market participants continue monitoring yield differentials and risk sentiment for additional directional cues.
Forex
Forex