The U.S. dollar moved higher against the Japanese yen yesterday, reaching 149.40 due to rising U.S. interest rates. In the European market, the price went above 149.40, triggering stop-loss orders and pushing the yen to 149.97. In the U.S. market, strong GDP data helped the dollar rise to 150.16, but it quickly fell back.
Today, Japan will release its inflation data (CPI), and the U.S. will release its PCE inflation report. If the difference in interest rate policies between Japan and the U.S. becomes clear, the dollar may weaken further. However, if both countries delay policy changes, the dollar may rise above 150 yen, but this increase might not last long.
The 200-day and 21-day moving averages have already formed a “dead cross,” showing that the downtrend is continuing.
Expected USD/JPY Price Range: 150.30 – 147.90
Note: This information does not guarantee profits. Make your own decisions when trading.