USD/JPY remains range-bound near current levels as SMBC analysts suggest positive trade news will provide only modest support for the Japanese yen amid ongoing political uncertainties. The bank's assessment indicates that while recent US-Japan trade developments may offer temporary yen strength, broader political risks continue to cap appreciation potential. Market participants are cautious about sustained yen rallies given the complex geopolitical landscape and mixed economic signals from both economies. The analysis suggests traders should expect continued volatility in USD/JPY with limited directional conviction. Technical levels show the pair consolidating within a narrow range, with resistance at 153.50 and support at 152.50. Near-term price action likely depends on resolution of political uncertainties and any shifts in central bank policy stances from either the Federal Reserve or Bank of Japan.
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