USD/JPY bulls move in and eye a correction towards 129.50 USDJPY Currencies DollarIndex
in markets even after last month's tweak in bond yield control policy,” adds Yomiuri per Reuters. As a consequence, the yen moved higher sharply vs. the greenback and broke 130 and reached 129.60 ahead of the US CPI data which spurred the price lower to 127.45.
Analysts at Brown Brothers Harriman argued that ''core PCE has largely been in a 4.5-5.5% range since November 2021 and we think the Fed needs to see further improvement before even contemplating any sort of pivot.'' Funds rate ceiling up to 5.25%. However, the swaps market continues to price in an easing cycle by year-end and we just don’t see that happening.''The pair has since continued lower and eyes the 126.50s. However, the daily M-formation could hold up the bears and attract a bid towards the 129.50s beforehand.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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