The rebound of USD/JPY may continue until the end of September!
On September 24th, forex analyst Sam Coventry wrote that the rebound momentum of USD/JPY may continue due to the new momentum provided by the end of month and quarter fund flows for the US dollar.
Analysts say that last week, the US dollar rebounded from a psychologically important bottom of 140 against the Japanese yen, and this momentum may continue in the short term, although it is too early to say that the weeks long sell-off has ended.
Due to the dominant cash flow at the end of the month and quarter, there may be fluctuations in the next few foreign exchange trading days.
This quarter and the end of this month are approaching, which will require global portfolio managers to make adjustments based on recent developments in the foreign exchange market. Rebalance may trigger significant short-term fluctuations.
Jeffrey analyst Brad Bechtel said that given the weak performance in recent weeks, the US dollar may strengthen by the end of September and the third quarter of 2024.
He said, "I would be surprised if the selling volume of the US dollar is large enough by the end of this quarter to push the US dollar index below the support level of 100. Generally speaking, the US dollar index tends to rise at the end of this quarter, so if there is really any change, it is that the US dollar may rise above 101 and move towards 102
The rebound of the US dollar index means that the USD/JPY is once again under pressure and may continue the current six day upward trend.
USD/JPY daily chart
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights