Yesterday, the Japanese yen weakened, and the USD/JPY exchange rate rose above 152.80, which was a strong resistance level at the 200-day moving average. It continued to rise to the upper 153 level.
In the New York market, the US CPI (Consumer Price Index) was higher than expected, causing the US dollar to strengthen. USD/JPY went up to 154.80. After the CPI report, Federal Reserve Chairman Powell said they will keep their tight monetary policy for now, making interest rate cuts less likely. As the yen weakens and the dollar strengthens, the USD/JPY uptrend continues.
The previous high of around 155.50, before the recent decline, is now seen as a possible resistance level.
USD/JPY Expected Range: 155.00 – 153.80
Note: The information above does not guarantee profits. Please make your own decisions when trading.