Forex
Bears Eye JPY Support Zone Amid USD/JPY Plunge
The USD/JPY pair continues to struggle, plummeting to a nearly four-week low around 157.25-157.20 during early European session trading on Thursday.
This comes amid speculation that authorities may have conducted a rate check, hinting at possible intervention to support the Japanese Yen (JPY).
The Bank of Japan's (BoJ) more hawkish repricing and a broadly weaker US Dollar (USD) are also contributing to downward pressure on the pair.
From a technical perspective, Wednesday's failed attempt to breach the 200-period Simple Moving Average (SMA) on the 4-hour chart, along with the Moving Average Convergence Divergence (MACD) indicator and Relative Strength Index (RSI), favor bearish traders.