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On today's analysis chart, we can see that the upward trend of USDJPY has been broken out at the price level of 149.15. USDJPY has failed to reach the expected level of 150.00 as the downward trend is forming, and the price is currently trading at 148.67.
Regarding predictions, there is a possibility that the previous important level of 147.80 will be retested before any new developments from the market are updated and clarify the direction of this currency pair. Alongside that, the target price of 150.00 is still highly regarded by Karina.
What do you think about the market today?
On today's analysis chart, we can see that the upward trend of USDJPY has been broken out at the price level of 149.15. USDJPY has failed to reach the expected level of 150.00 as the downward trend is forming, and the price is currently trading at 148.67.
Regarding predictions, there is a possibility that the previous important level of 147.80 will be retested before any new developments from the market are updated and clarify the direction of this currency pair. Alongside that, the target price of 150.00 is still highly regarded by Karina.
What do you think about the market today?
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Spot prices currently trade around the 149.00 mark, though lack follow-through in the wake of speculations that Japanese authorities will intervene in the FX market to defend the domestic currency.
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The Bank of Japan (BoJ) is reportedly contemplating an upward revision of the fiscal year (FY) 2023/24 core Consumer Price Index (CPI) estimate to approximately 3%, as compared to the 2.5% forecast made in July
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The US Dollar held mostly flat against the Japanese Yen on Tuesday with a little bit of wiggle, and the USD/JPY pair is headed into the Wednesday market session trading near 148.60.
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US Producer Price Index (PPI) experienced a rise in September, jumping from 2.0% to 2.2%, surpassing the expected 1.6%. Attention in the market now turns to Thursday's Consumer Price Index (CPI) release, with forecasts indicating a potential decrease in the annual rate from 3.7% to 3.6%. Keep an eye out for the upcoming weekly Jobless Claims report as well.
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