USD/JPY Edges Higher Towards 149.50 Amid US Inflation Data Expectations

USD/JPY continues its upward trend in the Asian trading session, nearing 149.50 for the second consecutive day. The Japanese Yen (JPY) is weakening against the US Dollar (USD) amidst concerns about potential rate hikes by the Bank of Japan (BoJ), despite its recent shift away from ultra-dovish monetary policies.

BoJ Deputy Governor Shinichi Uchida’s recent comments suggest a cautious approach to tightening monetary policy, even after ending negative interest rates. However, the Japanese Yen may be gaining support as a safe-haven asset amid tensions between Israel and Gaza.

Meanwhile, the US Dollar Index (DXY) maintains its upward momentum around 104.20, although gains may be limited by subdued US Treasury yields. The 2-year and 10-year US yields currently stand at 4.47% and 4.18%, respectively.

Traders are exercising caution ahead of the release of US inflation data, scheduled for Tuesday. The US Consumer Price Index (CPI) is expected to moderate, with a year-on-year increase of 2.9%, down from the previous 3.4%. The monthly rate is forecasted to remain steady at 0.2%.

In Japan, focus will shift to Gross Domestic Product (GDP) data set for release on Thursday. Preliminary figures suggest a potential increase of 0.3% in Japan’s GDP for the fourth quarter of the previous year, following a 0.7% decline.


Today last price149.47
Today Daily Change0.14
Today Daily Change %0.09
Today daily open149.33
Daily SMA20148.05
Daily SMA50145.47
Daily SMA100147.52
Daily SMA200145.05
Previous Daily High149.48
Previous Daily Low148.93
Previous Weekly High149.58
Previous Weekly Low147.63
Previous Monthly High148.81
Previous Monthly Low140.81
Daily Fibonacci 38.2%149.27
Daily Fibonacci 61.8%149.14
Daily Pivot Point S1149.01
Daily Pivot Point S2148.7
Daily Pivot Point S3148.46
Daily Pivot Point R1149.57
Daily Pivot Point R2149.8
Daily Pivot Point R3150.12

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