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The USD/JPY pair gathers strength to near 154.20 during the early Asian session on Tuesday. The US Dollar (USD) edges higher against the Japanese Yen (JPY) on the likelihood that the US Federal Reserve (Fed) might hold its interest rate in December.
💡 DMK Insight
The USD/JPY is pushing towards 154.20, and here’s why that’s significant: With the Fed potentially holding rates steady in December, traders are eyeing the USD’s strength against the JPY. This scenario could lead to a bullish trend for the USD/JPY pair, especially if it breaks above 154.50, which has been a key resistance level. A sustained move above this level could trigger further buying interest, pushing the pair even higher. On the flip side, if the pair fails to hold above 154.20, we might see a pullback towards 153.50, which could be a critical support level. Keep an eye on economic indicators from both the US and Japan, as any surprises could shift sentiment quickly. The market’s reaction to upcoming data releases will be crucial in determining the pair’s next move, so stay alert for volatility. Traders should monitor the 154.50 resistance closely, as a breakout could signal a strong bullish momentum, while a failure to maintain above 154.20 could lead to a bearish reversal.
📮 Takeaway
Watch for a breakout above 154.50 in USD/JPY for bullish momentum; failure to hold above 154.20 could signal a pullback to 153.50.
