Japanese Finance Minister Shunichi Suzuki highlighted the government's recent interventions to support the yen, significantly impacting the market. Official data reveals that throughout April, Japan spent approximately 9.79 trillion yen (62.2 billion USD) on efforts to stabilise the national currency.
The yen's strengthening is also bolstered by the recent depreciation of the US dollar, driven by market anticipations of a potential earlier rate cut by the US Federal Reserve. As expectations grow for softened US monetary policy, the dollar has declined, boosting other currencies, including the yen.
On the H1 chart, the correction phase to 157.47 has concluded, and a downward impulse towards 155.44 is underway. Following this, a correction to 156.45 (testing from below) could occur, potentially leading to a further drop to 155.22, the primary target. This scenario is technically confirmed by the Stochastic oscillator, whose signal line is positioned above 80 and is anticipated to drop to 20.
