Japanese Yen receives downward pressure from concerns over BoJ policy outlook
Technical Analysis: USD/JPY holds position above 145.00, nine-day EMA
USD/JPY trades around 145.10 on Friday. Analysis of the daily chart shows that the pair is moving upwards within an ascending channel, indicating a bullish bias. Additionally, the 14-day Relative Strength Index (RSI) remains slightly above the 50 level, confirming an emergence of a bullish sentiment.
On the upside, the ongoing bullish bias could lead the USD/JPY pair may explore the region around the upper boundary of the ascending channel at 146.90 level, followed by its five-week high of 147.21 level, which was recorded on September 3.
In terms of support, the USD/JPY pair may test the nine-day Exponential Moving Average (EMA) at the level of 143.89, aligned with the lower boundary of the ascending channel.
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