Overbought levels for $USDJPY
The person responsible for the rise in the US dollar was Federal Reserve Chairman Jerome Powell, who said in his testimony before the Senate Banking Committee of the US Congress that the Fed may need to raise US interest rates more than expected and would be ready to move in larger steps if data comes in.from those gains was the rebound towards the 137.91 resistance level, the highest for the currency pair during the trading year 2023. It settles around 137.20 at the time of writing.
Accordingly, the probability of a 50 basis point hike in the next meeting has increased to 70% from 30%, while the level at which they expect interest rates to peak has been raised to 5.65%. Yesterday Powell gave the same testimony before the House Financial Services Committee and a repeat of yesterday's comments could keep the dollar supported.
Returning to the vicinity of the support level 133.85 will be important for the bears to gain control again.Ready to trade our
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