USDJPY : Recovery but not certain
USDJPY has initiated a recovery, climbing to 147.33 with support garnered from the 146.500 region. The price started to adjust and rise as the Japanese Yen weakened following the Bank of Japan's (BoJ) skepticism about Japan's economic outlook.
Meanwhile, market sentiment remains positive ahead of the US Consumer Price Index (CPI) data for February, to be released at 12:30 GMT. This inflation data will offer a fresh perspective on US interest rate prospects. The Federal Reserve's (Fed) policymakers are looking for sustained evidence of inflation easing before considering a more dovish rate stance.
This information will directly influence USDJPY's next moves, so exercise caution in your trades tonight!
As for the outlook: the risk of a downturn remains as long as this pair is capped below the 148.12 resistance level, and sellers might continue to resist gains upon reaching this level and the 0.618 Fibonacci retracement. USDJPY needs to breach this resistance if it aims to reverse its course.
Meanwhile, market sentiment remains positive ahead of the US Consumer Price Index (CPI) data for February, to be released at 12:30 GMT. This inflation data will offer a fresh perspective on US interest rate prospects. The Federal Reserve's (Fed) policymakers are looking for sustained evidence of inflation easing before considering a more dovish rate stance.
This information will directly influence USDJPY's next moves, so exercise caution in your trades tonight!
As for the outlook: the risk of a downturn remains as long as this pair is capped below the 148.12 resistance level, and sellers might continue to resist gains upon reaching this level and the 0.618 Fibonacci retracement. USDJPY needs to breach this resistance if it aims to reverse its course.
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