Forex
USD/JPY Breaks Above 157.52 as Yen Weighed Down by BOJ Dovish Hike
The US Dollar (USD) against the Japanese Yen (JPY) exchange rate broke above 157.52 on Monday, despite initial doubts after a strong upside rejection on Friday.
This move negated the potential bull-trap near the 61.8% retracement of the 160.39/152.88 bear-leg and aligns with the 30-day moving average (DMA).
The break above 157.52 opens up scope for a renewed push towards the 200 DMA at 158.40, with further resistance seen at 158.05 and 158.62.
Recent market data shows that the Japanese Yen has weakened by roughly 3% against the US Dollar over the last few weeks.