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Yellen’s speech capped the USD momentum – USD/JPY Market Outlook – 19/02/2021

SquaredFinancial

Bullish momentum continues to fade for the third consecutive day, as the Dollar Index loses most of its recent gains amid the Fed’s ultra-accommodative monetary policy stance. Additionally, Treasury Secretary Janet Yellen reiterated the important of much bigger stimulus to avoid a huge downside on stocks and the economy. Today, the bears will likely take the price lower testing the 50-SMA.

Support: 105.20 / 104.90
Resistance: 105.70 / 106.10

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/yellens-speech-capped-the-usd-momentum-usd-jpy-market-outlook-19-02-2021
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