State of the market: the yen accelerates growth at low activity

With the opening of trading on Tuesday, most major currency pairs are traded restrained in the lateral channel of recent days, while maintaining uncertainty around the dynamics of the US currency. The exception is the Japanese yen, which has accelerated growth across the market on long weekends in Japan, which will last the whole week.

From the start of the week, the US dollar remains under the pressure after rising concerns about a slowdown in inflation. This maintains pressure on the US dollar before the Fed meeting. The US dollar index updated a low at 97.80 at the beginning of the day, which slowed down the overall upward trend. At this stage, the US dollar index remains under the pressure, limited to support levels: 97.80 and 97.60, resistance is located at the levels: 98.00 and 98.20.

Read also: “Price Levels – A Technical Analysis Tool”

Hanzenko Anton

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