Analyst: USD/JPY bulls should be cautious of a bullish breakout; a pullback may attract buyers
StoneX analyst Matt Simpson stated that the bulls of the USD/JPY pair are highly alert to a bullish breakout on the charts. The analyst pointed out that this rise has reversed last week's bearish trend. He believes that whether the USD/JPY can continue to rise may depend on the confirmation of whether Japan's new Prime Minister can influence the Bank of Japan's interest rate hike path. Simpson added, "However, at the moment, it seems that the exchange rate is likely to attract buyers during pullbacks."
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