USD/JPY Forecast. Forex Fundamental Analysis – ForexNews.PRO
An event to look out for today:
15:30 GMT+3. USD – Consumer Price Index
USDJPY:
The Japanese yen (JPY) weakened on Wednesday amid uncertainty over the Bank of Japan’s (BoJ) plans for additional interest rate hikes. In addition, risk momentum undermined demand for the safe-haven yen, which, along with a fresh wave of US dollar (USD) buying, pushed the USD/JPY pair towards the 149.50 area, or the highest level since mid-August.
Meanwhile, data released earlier this Thursday showed that Japan’s Producer Price Index (PPI) remained unchanged in September, and rose more than expected on a year-on-year basis in the reporting month. This in turn supports the Japanese yen and limits the USD/JPY pair. But traders prefer to stay on the sidelines before the release of US consumer inflation data.
Trading recommendation: Trade predominantly Buy orders from the current price level
Origin: FreshForex
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