USDJPY H4 5 March 2024
USD/JPY, H4
The USD/JPY pair continues to move within a broad sideways range as traders await a catalyst to determine the pair's direction. The recently released Tokyo Core CPI reading, which came in at 2.5%, aligning with market expectations and marking an increase from the previous 1.8%, has sparked speculation of a potential rate hike from the Bank of Japan (BoJ). This development could lead to a strengthening of the Japanese Yen.
USD/JPY ticked up slightly but remains trading within its sideways range, given a neutral signal for the pair.
Resistance level: 150.80, 151.70
Support level: 149.40, 147.60
The USD/JPY pair continues to move within a broad sideways range as traders await a catalyst to determine the pair's direction. The recently released Tokyo Core CPI reading, which came in at 2.5%, aligning with market expectations and marking an increase from the previous 1.8%, has sparked speculation of a potential rate hike from the Bank of Japan (BoJ). This development could lead to a strengthening of the Japanese Yen.
USD/JPY ticked up slightly but remains trading within its sideways range, given a neutral signal for the pair.
Resistance level: 150.80, 151.70
Support level: 149.40, 147.60
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