The USDJPY pair trailed a slightly bullish impulse that took it above the 158 zone, thus leaving a near 2.5% space to the local peaks recorded in July.
The fundamental valuation of the US interest rate path did not change excessively from last week, although it is worth bearing in mind that a slight revision towards a more dovish Fed decision in January was made. This allowed the yen to halt its declines against the dollar, which is now once again retesting a zone of local consolidation support in the 156 yen area.
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Recent changes in valuations of the US interest rate path have shifted slightly in favor of faster cuts. Source: CME
From a technical point of view, the reaction to the previously mentioned zone may define whether the supply side manages to initiate a broader downward correction, or whether the overall trend will be maintained, however. Source: xStation
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