USDJPY rises on dovish Fed.
USDJPY continues to rise today as the result of the continued U.S. dollar bearishness as softer-than-expected U.S. inflation data (U.S. national activity index reading of 0.24 against expectations above 1) and insistence from Fed officials that policy would stay on hold calmed fears about inflation forcing interest rates higher. Looking ahead, further USD weakness is likely in the near-term ahead of the U.S. data. On Thursday, crucial U.S. core consumer price data is due which will guide the markets on the near term inflationary outlook. The pair is also driven up by the corresponding yen bullishness which is traditionally inversely correlated to the rate hike expectations in USA.
Except buyers on downward corrections.
Next resistance to watch – 109.36
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