USD/JPY Price Analysis: Flirts with 50% Fibo. level, below mid-132.00s amid risk-on mood USDJPY RiskAppetite Fed Technical Analysis Currencies
The risk-on impulse undermines the JPY and lends support, though weaker USD caps the upside.The USD/JPY pair once again shows some resilience below the 61.8%retracement level of the January-March rally and attracts fresh buying near the 131.00 round-figure mark on Tuesday. Spot prices recover further from the lowest level since February 10, around the 130.55-130.50 area touched on Monday, and climb back closer to mid-132.00s during the early North American session.
The aforementioned mixed fundamental backdrop warrants caution before confirming that the USD/JPY pair's recent rejection slide from a technically significant 200-day Simple Moving Average has run its course. Traders might also refrain from placing aggressive bets and prefer to move to the sidelines ahead of the highly-anticipated two-day FOMC monetary policy meeting, starting this Tuesday.
Heading into the key central bank event risk, the latter should keep a lid on any further upside for the USD/JPY pair. That said, a sustained move beyond the said barrier will negate any near-term negative outlook and shift the near-term bias in favour of bullish traders. This, in turn, will set the stage for a further appreciating move towards the 135.00 psychological mark, which coincides with the 100-day SMA.
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