Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
In the short term, USDJPY could target 155.30, aligning with the 2.00 Fibonacci projection of the February correction, as indicated by two vertical arrows on the chart. Minor resistance could be experienced at the 1.618 projection at 153.61.
Additionally, the 1.382 projection of the November-December 2023 correction at 153.36 could also serve as a key level to watch.
Should USDJPY retreat and close back below 151.95, it would indicate a demolision of the bullish trend, signaling a return to the previously observed range-bound behavior, but could very well resulting in a trend reversal to bearish
For traders and investors looking to explore the technical landscape of other JPY currency pairs check out the Daily Technical Update video. Published every morning