The USD/JPY pair is trading at about 131.00 after a shakier recovery from Friday’s settlement price of 130.78.
The asset is hoping for more weakness, which might push it down below its immediate support level of 131.00.
The major is set to experience intense pressure as the US Dollar Index declines (DXY).
In addition, market investors will be watching for hints regarding future monetary policy actions by Fed Chair Jerome Powell and economic forecasts.
The Bank of Japan’s (BOJ) precise inflation forecasts for the following two years are helping to sustain the Japanese Yen on the Tokyo front.
The BOJ is considering increasing its inflation predictions for January to reflect price increase near to its 2% target.
|
Daily SMA20 |
134.91 |
|
Daily SMA50 |
139.56 |
|
Daily SMA100 |
141.1 |
|
Daily SMA200 |
136.23 |
