Is there increasing buying pressure for USD/JPY? Will it reverse and rise at 153.57?
Newly appointed finance minister Scott Bessant thought the dollar would strengthen, but
the market’s view was different, wasn’t it
The USD/JPY on the 1-hour chart
The resistance around 153.57 is working well
This morning I planned to look for a break above 154.0, but it has already broken
This is the 1-hour chart (yesterday’s scenario is also included)
I feel the downside pressure is gradually weakening
GMMAs are pointing down, but at some point buying pressure may strengthen
That could be a rebound from around 153.578
Newly appointed finance minister Scott Bessant’s policy expectations trigger a sharp dollar decline
With the Trump administration’s new treasury secretary
Scott Bessant has been chosen
Many names have surfaced and disappeared as candidates
President-elect Trump has decided on Bessant
Right after Trump’s victory, the dollar strengthened,
toward Trump
and even said
“The dollar loves you,”
but the market interpreted him as a fiscal hawk,
saying that by 2028
fiscal spending should be reduced to within 3% of GDP
and this was considered important, causing U.S. interest rates to fall,
and the dollar to decline
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