USD/JPY remains below 149.50, retraces the recent losses
Updated
Brian, greetings to all of you!
Today, USDJPY continued to maintain a downward trend, with the resistance level at 149.64 still unable to be overcome. Currently, it is trading at 148.96, experiencing a 0.22% decrease for the day.
However, USDJPY still retains its allure, as the upward channel is still functioning well. Moreover, USD/JPY has received support from a slight decrease in Japan's CPI index. The annual consumer price index (CPI) for Tokyo increased by 2.8% in September, slightly lower than the previous 2.9%. The core CPI (YoY) rose by 3.8%, corresponding to the 4.0% in August.
The price level of 148.42 may be retested and play a significant role as a support level.
Today, USDJPY continued to maintain a downward trend, with the resistance level at 149.64 still unable to be overcome. Currently, it is trading at 148.96, experiencing a 0.22% decrease for the day.
However, USDJPY still retains its allure, as the upward channel is still functioning well. Moreover, USD/JPY has received support from a slight decrease in Japan's CPI index. The annual consumer price index (CPI) for Tokyo increased by 2.8% in September, slightly lower than the previous 2.9%. The core CPI (YoY) rose by 3.8%, corresponding to the 4.0% in August.
The price level of 148.42 may be retested and play a significant role as a support level.
Note
On the Japanese front, intervention threats in the Forex markets continued, though contradicting what Japanese authorities said regarding that moves should be justified by fundamentals. Consequently, the dovish stance of the Bank of Japan (BoJ) suggests further JPY weakness is justified. This week, BoJ Governor Kazuo Ueda cited that discussing an exit from the ultra-loose monetary policy would be premature as inflation above 2% is not governed by wage growth.
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