USDJPY

The USDJPY pair continued its upward trend in the Asian session on Tuesday, approaching the 151.000 level. The Japanese Yen has been weakening against the US Dollar (USD) amid market concerns over interest rate hikes following the Bank of Japan’s departure from its ultra-loose monetary policy stance. Recent statements by BOJ Vice Governor Shinichi Uchida suggest a reluctance to continue aggressive tightening even after abandoning negative interest rates. However, the Japanese Yen may be benefiting from its safe haven status amid rising tensions between Israel and Gaza. Our key support to maintain the rally is at 150.100. If the pair continues to rise and approaches 151.110, we may be wary of possible intervention by the Bank of Japan. Support: 150.100 Resistance: 151.110