The 
USDJPY pair edged higher after losing about 1% in the previous session and is now trading around 147.22. However, the upside momentum may be capped as the Japanese yen (JPY) could regain strength following hawkish comments from Bank of Japan Governor Kazuo Ueda at the Jackson Hole symposium on Saturday.
Additionally, USD/JPY may come under renewed pressure as the U.S. dollar (USD) faces challenges due to the increasing likelihood of a Fed rate cut in September, stemming from Fed Chair Jerome Powell’s dovish remarks at Jackson Hole on Friday.
From a technical perspective, USDJPY recently marked its decline with a sharp, vertical bearish candle. A retracement is currently underway, but sellers still hold the advantage as the EMA 34 and 89 have turned bearish, and the 0.5 – 0.618 Fibonacci retracement zone has yet to be broken.
USDJPY pair edged higher after losing about 1% in the previous session and is now trading around 147.22. However, the upside momentum may be capped as the Japanese yen (JPY) could regain strength following hawkish comments from Bank of Japan Governor Kazuo Ueda at the Jackson Hole symposium on Saturday.Additionally, USD/JPY may come under renewed pressure as the U.S. dollar (USD) faces challenges due to the increasing likelihood of a Fed rate cut in September, stemming from Fed Chair Jerome Powell’s dovish remarks at Jackson Hole on Friday.
From a technical perspective, USDJPY recently marked its decline with a sharp, vertical bearish candle. A retracement is currently underway, but sellers still hold the advantage as the EMA 34 and 89 have turned bearish, and the 0.5 – 0.618 Fibonacci retracement zone has yet to be broken.
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