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USD/JPY Weekly Forecast: Poised to advance

2/12/2021 3:40:21 PM GMT USD/JPY retreats below 105, finds support at 104.55, recovers. Chairman Powell: The US labor market remains weak. Chairman Powell: Fed has no plans for rate increases or bond program reductions. US Treasury rates move higher after Wednesday low. FXStreet Forecast Poll sees no immediate increase in USD/JPY. The USD/JPY reneged on its breakout promise this week dropping below 105 on Tuesday but support at 104.55 held on Thursday. The descending channel is increasingly distant and a declining a draw with the upper border below 103. Movement in the pair is tied to improvement in the US economy and Treasury rates.

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