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\n Share:<\/span><\/p>\n The USD\/JPY pair falls slightly below the psychological support of 150.00 in the early New York session on Tuesday. The asset has faced selling pressure as the US Dollar Index<\/a> (DXY) has extended its downside to 104.00.<\/p>\n The USD Index has dropped to a weekly low as Federal Reserve (Fed) policymakers are confident that inflation is in the right direction despite a one-time stubborn-than-anticipated consumer price inflation data for January.<\/p>\n Fed<\/a> policymakers advised that over-focusing on one-time blips in inflation data could be a tremendous mistake. As per the CME FedWatch tool, investors see interest rates<\/a> remaining unchanged in the range of 5.25%-5.50% till the July policy meeting as the Fed needs more good inflation data for months.<\/p>\n The Japanese Yen performs better against the US Dollar despite easing hopes for the Bank of Japan (BoJ) quitting the decade-long ultra-dovish monetary policy stance. The Japanese Yen entered a recession in the second half of 2023. The situation of a poor domestic economy is an unfavorable situation for exiting the expansionary policy stance.<\/p>\n USD\/JPY oscillates in a Symmetrical Triangle formation on an hourly time frame. The upward and downward-sloping borders of the aforementioned chart pattern are plotted from February 13 low and high at 149.27 and 150.88, respectively.<\/p>\n The triangle could breakout in either direction, however, the odds marginally favor a move in the direction of the trend before the formation of the triangle \u2013 in this case up.<\/p>\n The 50-period Exponential Moving Average (EMA) around 150.20 remains sticky to spot prices, indicates indecisiveness among market participants.<\/p>\n Going forward, a decisive break above February 13 high at 150.88 would drive the asset towards November 16 high at 151.43, followed by November 13 high at 151.90.<\/p>\n On the flip side, a breakdown below February 13 high at 149.27 would drag the asset towards February 5 high at 148.90. Breach of the latter would expose the asset to January 29 high at 148.32.<\/p>\n\n
USD\/JPY hourly chart<\/h2>\n