$USDJPY has overbought levels- find out why FOREX TRADING
All in all, another busy trading week has begun as markets hope to decipher the US Federal Reserve's policy path more from Jerome Powell's congressional hearings than they did from last week's meeting.
The pause was initially greeted with euphoria on Wall Street and the US dollar came under heavy selling pressure in the forex markets, but doubts are now creeping in. It comes after a slew of Fed speakers on Friday kept the door wide open for further rate hikes. In particular, Governor Waller warned that "further tightening" is likely to be needed because "inflation is not moving.
In forex trading, both the euro and the British pound rose last week as the European Central Bank raised interest rates by 25 basis points and signaled that there is more to come, while the Bank of England is expected to do the same on Thursday when it announces its decision. The Bank of England in particular is likely to have the most room to cover amid rampant inflation than other countries and the continued resilience of the UK economy.The general trend of the USD/JPY currency pair is still bullish.
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