The USD/JPY pair slumped on Monday (4/21) during North American trading, falling sharply to the 140.50 mark as the broader market reacted to growing concerns about the Federal Reserve's independence. The greenback extended its downtrend after US President Donald Trump reiterated his displeasure with Fed Chairman Jerome Powell, accusing him of making politically motivated interest rate adjustments by the end of 2024. The situation has fueled intense speculation over Powell's future and raised doubts about the Fed's autonomy.
Meanwhile, the US Dollar Index (DXY) is trading in the red, testing the 98.50 zone for the first time in three years. Amid this backdrop, demand for the Japanese Yen has strengthened. Investors are seeking safer assets as global uncertainty increases and confidence in US monetary leadership deteriorates. Although Trump paused new reciprocal tariffs for 90 days, the lack of a clear trade policy path continues to unsettle markets.
On the technical front, USD/JPY is flashing bearish signals. Price action has plunged past the previous week's low of 141.64 and is now targeting the June 2023 trough near 139.60. The 140.00 level remains a key psychological support zone. A clear break below this threshold could expose downside risks towards the mid-130s in the medium term. Indicators support this outlook, with the MACD printing a bearish divergence and the RSI slipping into oversold territory. Key resistance levels are seen near 142.20, followed by 143.40 and 144.60. (Newsmaker23)
Source: FXstreet
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