USD/JPY Hovers Around 151.70 Amid Market Caution Ahead Of US Consumer Inflation
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- USD/JPY stays quiet as the market adopts a cautious stance in anticipation of the US CPI release.
- Japan’s PPI YoY and MoM increased by 0.8% and 0.2%, respectively, in March.
- US headline CPI is projected to accelerate in March, while the Core measure is expected to moderate.
USD/JPY remains silent before releasing of the US Consumer Price Index (CPI) data and the FOMC Minutes on Wednesday. The pair hovers around 151.70 during the Asian trading hours. The Japanese Yen (JPY) could face challenges as Bank of Japan (BoJ) Governor Kazuo Ueda stated that they would not alter monetary policy solely to address FX fluctuations.
Governor Ueda also emphasized that Japan's persistent deflation and low inflation levels have posed challenges in influencing public inflation expectations through monetary base expansion. With trend inflation still below 2%, it remains crucial to support the economy's trajectory towards achieving the 2% target by maintaining accommodative monetary conditions.
Data revealed that Japan’s Producer Price Index (PPI) rose by 0.8% year-on-year in March, meeting expectations and accelerating from an upwardly revised 0.7% gain in February. This marks the highest reading since October last year. However, the monthly PPI increased by 0.2%, falling short of the expected 0.3%.
The US Dollar Index (DXY) strives to maintain its position as it anticipates the release of the US Consumer Price Index (CPI) data and the FOMC Minutes later in the North American session.
The US headline Consumer Price Index is projected to accelerate in March, while the core measure is expected to moderate. The US Dollar is in a state of anticipation, awaiting potential policy shifts influenced by incoming data. Strong labor market figures from last week could lead to a more hawkish stance from the Federal Reserve if inflation exceeds expectations.
USD/JPY
OVERVIEW | |
---|---|
Today last price | 151.76 |
Today Daily Change | -0.01 |
Today Daily Change % | -0.01 |
Today daily open | 151.77 |
TRENDS | |
---|---|
Daily SMA20 | 150.9 |
Daily SMA50 | 149.94 |
Daily SMA100 | 147.7 |
Daily SMA200 | 147.14 |
LEVELS | |
---|---|
Previous Daily High | 151.94 |
Previous Daily Low | 151.57 |
Previous Weekly High | 151.95 |
Previous Weekly Low | 150.81 |
Previous Monthly High | 151.97 |
Previous Monthly Low | 146.48 |
Daily Fibonacci 38.2% | 151.71 |
Daily Fibonacci 61.8% | 151.8 |
Daily Pivot Point S1 | 151.58 |
Daily Pivot Point S2 | 151.39 |
Daily Pivot Point S3 | 151.22 |
Daily Pivot Point R1 | 151.95 |
Daily Pivot Point R2 | 152.12 |
Daily Pivot Point R3 | 152.31 |
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