Market Overview 21 July 2023 Update: Short-Term USD/JPY Outlook

Market Overview 21 July 2023 Update: Short-Term USD/JPY Outlook

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🎥 Speaker：Daniel Ang | 📺 YouTube：Everything Trading Platform 💹 The Dollar rebounded due to strong U.S. labor market data, indicating the Federal Reserve may maintain higher interest rates to tackle inflation. 💹 Japan's government forecasts inflation sharply exceeding the Bank of Japan’s 2% target, potentially leading to market expectations of an end to ultra-low interest rates. 💹 USD/JPY rose by 0.35% to 140.20. 💹 Technically, the pair faced resistance at 140.50 and retreated below the 140-yen handle in Tokyo trading, indicating the possibility of a resumption of the decline after a week-long rebound from last Friday's fall to 137.24. 💹 There is a likelihood of an extended decline below last week's low, particularly with the news that the Bank of Japan is unlikely to tweak its yield curve control policy during the upcoming meeting. Don't miss out on the latest market analysis from Daniel Ang. Watch our exclusive video update now! 🎥🔥