In the Tokyo market, a rise in stock prices increased risk appetite, pushing the dollar/yen up to around 148.50.
Later in New York, the U.S. CPI (Consumer Price Index) came in lower than expected, causing the dollar/yen to fall below 147. However, core inflation was higher than expected, which pushed the price back up to around 148.50.
Still, because the results were mixed, there was no change in the view that the Federal Reserve will not rush to cut interest rates. As a result, the dollar/yen fell again to 147.58.
On the other hand, U.S. stock markets all rose, which supported a weaker yen due to risk-taking. This kept the dollar/yen from falling further.
Overall, with both yen weakness and dollar weakness balancing each other, the dollar/yen is likely to move in a narrow range for now.
Expected Dollar/Yen Range: 147.30 – 148.30 (38.2%)
Note: This information does not guarantee profits. Please make your own decisions when trading.