Japanese Yen Rebounds Modestly Despite Weak Trade Data, Fed Policy in Focus

Japanese Yen rebounds modestly despite weak trade data, Fed policy in focus

The Japanese Yen (JPY) halts its three-day losing streak against the US Dollar (USD) on Wednesday, finding modest support despite a string of soft trade data.

Yen Halts Decline, But Domestic Signals Remain Negative - Action Forex

The market has completed an upward wave to the upper boundary of the consolidation range at 145.43. Having reached this target, a decline towards 144.00 is now anticipated. A break below this level could open the door for a further drop towards 142.20, with the potential to extend the downtrend to 140.50. Conversely, an upward move would raise the likelihood of a rally towards 146.98. This scenario is supported by the MACD indicator, where the s…