- The Dollar cuts losses and approaches the resistance of 148.70.
- Rising US yields are supporting the Dollar ahead of Powell’s speech.
- The Bank of Japan’s monetary policy normalization in 2024 is expected to support the Yen.
The Dollar is trying to recover from 2 1/2 month lows at 146.65, helped by a slight recovery in US Treasury yields, which is weighing on the Japanese Yen.
However, the overall trend remains negative, as weak US inflation and somewhat weaker macroeconomic data have all but confirmed the end of the Federal Reserve’s tightening cycle.
All eyes on Fed Powell conference
Also on Thursday, New York Fed President John Wiliams suggested interest rates could be at an all-time high, supporting that view. In this context, the conference by Fed President Powell, scheduled for today, will be analyzed in detail to evaluate the entity’s next steps.
On the other hand, growing expectations that the Bank of Japan will abandon its ultra-loose monetary policy in 2024 are providing some support to the Yen.
From a broader perspective, the pair maintains the bearish bias from the mid-November highs near 152.00, with resistance at 148.75 most likely limiting bulls ahead of the November 22-23 highs at 149.75. Supports are 147.77 and 146.65.
Technical levels to monitor
|Latest price today
|Today Daily Change
|Today’s daily variation
|Today’s daily opening
|Previous daily high
|Previous daily low
|Previous weekly high
|Previous weekly low
|Previous Monthly High
|Previous monthly low
|Daily Fibonacci 38.2
|Fibonacci 61.8% daily
|Daily Pivot Point S1
|Daily Pivot Point S2
|Daily Pivot Point S3
|Daily Pivot Point R1
|Daily Pivot Point R2
|Daily Pivot Point R3
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.