USD/JPY Price Analysis: Bears pause near 38.2% Fibo., US CPI eyed for fresh impetus – by hareshmenghani USDJPY Fed Inflation Technical Analysis Currencies
for the fifth successive day on Wednesday. The downward trajectory drags spot prices to the 139.30 level, or a nearly one-month low during the early European session, though pauses near the 38.2% Fibonacci retracement level of the March-June rally.
The bearish pressure surrounding the US Dollar remains unabated in the wake of speculations that the Federal Reserve will end its rate-hiking cycle following a 25 bps lift-off in July. The Japanese Yen , on the other hand, draws support from expectations that the Bank of Japan will adjust its ultra-loose policy settings as soon as this month, which, in turn, contributes to the USD/JPY pair's downfall witnessed over the past week or so.
That said, a generally positive tone around the equity markets undermines demand for the safe-haven Japanese Yen and lends some support to spot prices. Traders also seem reluctant to place aggressive bets and prefer to wait on the sidelines ahead of the US consumer inflation figures, due for release later during the early North American session.
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