The Japanese Yen (JPY) remains stable following the release of the latest inflation data on Friday. Japan's National Consumer Price Index (CPI) for June held steady at 2.8%, matching the previous month's figure and remaining at the highest level since February. Meanwhile, Core CPI inflation rose to 2.6%, slightly above the previous reading of 2.5% but just below the consensus estimate of 2.7%.
Japan’s 10-year government bond yield trades at approximately 1.04%, recovering from three-week lows. This rebound follows Digital Minister Kono Taro's statement to Bloomberg that the Bank of Japan (BoJ) should raise interest rates again in July to support the Yen. Additionally, the BoJ is anticipated to show its bond purchase tapering plans this month.
The USD/JPY pair has retreated by as much as 4% from a 38-year high of 161.95 during July. Analysts attribute this decline to interventions by Japanese authorities. Traders remain vigilant about the possibility of further interventions.
The US Dollar receives support from a slight improvement in US Treasury yields. However, the greenback may limit its upside as soft labor data bolster market expectations of a September rate-cut decision by the Federal Reserve (Fed).
USD/JPY trades around 157.40 on Friday. The daily chart analysis indicates that the USD/JPY pair is below its 9-day Exponential Moving Average (EMA), suggesting short-term downward momentum. This implies waiting for signs of a trend reversal before buying. Additionally, the 14-day Relative Strength Index (RSI) is below 50, confirming a bearish bias.
The pair could find key support around June's low of 154.55. A break below this level could push the pair towards May’s low of 151.86.
On the upside, immediate resistance is noted around the 9-day EMA at 158.25. If the pair breaks above this level, it could revisit the pullback resistance around the psychological level of 162.00.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | 0.07% | 0.05% | 0.05% | 0.00% | 0.09% | 0.26% | 0.10% | |
EUR | -0.07% | -0.02% | 0.00% | -0.06% | 0.02% | 0.20% | 0.03% | |
GBP | -0.05% | 0.02% | 0.00% | -0.05% | 0.04% | 0.23% | 0.05% | |
JPY | -0.05% | 0.00% | 0.00% | -0.06% | 0.05% | 0.23% | 0.06% | |
CAD | 0.00% | 0.06% | 0.05% | 0.06% | 0.09% | 0.28% | 0.10% | |
AUD | -0.09% | -0.02% | -0.04% | -0.05% | -0.09% | 0.19% | 0.00% | |
NZD | -0.26% | -0.20% | -0.23% | -0.23% | -0.28% | -0.19% | -0.18% | |
CHF | -0.10% | -0.03% | -0.05% | -0.06% | -0.10% | -0.01% | 0.18% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Japan’s National Consumer Price Index (CPI), released by the Statistics Bureau of Japan on a monthly basis, measures the price fluctuation of goods and services purchased by households nationwide. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Japanese Yen (JPY), while a low reading is seen as bearish.
Read more.Last release: Thu Jul 18, 2024 23:30
Frequency: Monthly
Actual: 2.8%
Consensus: -
Previous: 2.8%
Source: Statistics Bureau of Japan
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