The USD/JPY pair once again shows some resilience below the 200-period Simple Moving Average (SMA) on the 4-hour chart and edges higher during the Asian session on Wednesday. Spot prices, however, lack bullish conviction and struggle to capitalize on the strength beyond the 159.00 mark.
Despite the optimism over Iran diplomacy, economic concerns stemming from the instability in the Strait of Hormuz hold back traders from placing bullish bets around the Japanese Yen (JPY). This, along with a