USDJPY

The Japanese Yen (JPY) came under renewed selling pressure on the first day of the new week, falling to a decade-low against its US counterpart during the Asian session. The Bank of Japan (BoJ) has given little indication of when it will raise interest rates. In contrast, the US Federal Reserve (Fed) is expected to begin its rate-cutting cycle in September. This suggests that the wide interest rate gap between the US and Japan will continue for some time, which continues to weaken the safe-haven JPY. The 153.57 level can be monitored for intraday downtrends. If it falls below this level, supports at 153.29, 152.78 and 152.50 could become important. In potential uptrends, resistance levels at 154.09, 154.36 and 154.88 will be monitored. Support: 153.290 – 152.780 Resistance: 154.090 – 154.360