USD:JPY Slides As War Flows Are Now Behind Us (Technical Analysis)

Summary

• After a brief show of strength, the U.S. dollar resumed its broader decline against most major currencies.
• The absence of new dovish guidance by Fed Chair Powell in his speech at the US Congress was interpreted as a continuation of the current policy stance, prompting traders to resume the prevailing bearish trend on the greenback.
• The Japanese yen, which had underperformed during the USD's initial rally, staged a sharp comeback.
• USDJPY is now back inside its two-month range after a false breakout to the upside.

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By Elior Manier

The most volatile major currency pair delivered another textbook session, marked by two-handle swings over consecutive days.

After a brief show of strength, the U.S. dollar resumed its broader decline against most major currencies.

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