The price is turned on after a series of quiet trading days

The Japanese Yen took a dip against the dollar this Wednesday, thanks to the U.S. serving up some spicy inflation figures hotter than expected. This shift has pushed back the Fed’s rate cut chatter from June to September.

Also, digging into the latest FOMC minutes, it looks like U.S. officials are wary about inflation dragging its feet, which could mean keeping interest rates high for longer. Meanwhile, Japan’s central bank is playing it cool with tightening, keeping the yen under pressure and giving the USDJPY a leg up.

Keep an eye on the 153.00 level; it’s currently the gatekeeper to the multi-decade high at 153.45. If we break past this, it could signal a green light for bulls to push the pair higher, extending the uptrend we've seen in the last month.

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