The pair is expected to continue to trade within the 127.623 and 129.373 price range for some time until there is a break outside of this range. The dollar index a measure of the strength of the greenback against a basket of major currencies kicked off the week on a bullish note boosted by rising Treasury yields as market participants continue to anticipate a series of aggressive interest rate hikes form the federal Reserve.
The general tone of the Federal Open Market Committee member chaired by Jerome Powell has been largely hawkish with Powell hinting at the possibility of a 50 basis point hike at the bank's meeting come May. The tone raised optimism of the market after the bank had tightened by 25 basis points at their meeting in March.
The Yen has traded generally flat as the accommodative stance of the Bank of Japan continue to underpin the strength of the safe haven currency. Japan has also been largely affected due to her exposure to economic interference emerging from the Ukraine-Russia war.
Traders are encouraged to watchout for price action around the support zone. If price get rejected around the zone then a bullish move is expected to resume with target close to the 129 resistance zone. While a break of that zone with attendant price action could push price further down.
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