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USD/JPY under pressure after Powell testimony

The rally of USD/JPY has stalled as Powell reins in tapering expectations and hits the dollar.

The bounce from the 50-day simple moving average (SMA) last week looks to have been a false dawn, and now we wait to see if the price can hold the 50-day MA (¥109.89) once again. The uptrend from late April is under threat, and a drop below ¥109.60 would be a negative development, although it might not bring it to an end entirely.


USD/JPY chartSource: ProRealTime
Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 15 July 2021. IG
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