The Japanese Yen weakens on Monday as the market mood turns upbeat. The BoJ gives mixed signals, saying it is normalizing on the one hand but then still easing. USD/JPY shows signs of weakness as the Federal Reserve is widely expected to keep rates unchanged, undermining USD. The day’s temporary weakness is in line with the longer-term trend. Since 2021, the Japanese Yen – measured by the FXCM Index, which tracks the currency’s value against a basket of peers – has fallen over 33% in value.
Japanese Yen technical analysis: USD/JPY bear flag risks reversing short-term uptrend USD/JPY – the amount of Yen that one Dollar buys – rises on Monday amidst a more upbeat market mood. From a short-term perspective, the pair’s uptrend is perilously close to reversing. A break below the key 148.80 low of October 30 would provide evidence bears finally have the upper hand, as it is the last major lower high of the short-term uptrend.