USDJPY Buying Opportunity. 3 Hour Chart Analysis.
In contrast to sterling, which reached 15-month highs after data on wage growth fueled hopes that the Bank of England (BoE) still has room to raise rates, the dollar fell to a two-month low on Wednesday ahead of a critical report on U.S. inflation.
The Bank of Japan (BOJ) is expected to announce adjustments to its ultra-low interest-rate policy at its meeting this month, which helped the yen rise to a one-month high and strengthen over 140 to the dollar for the first time in a month. This move was also supported by a decline in U.S. Treasury yields.
Investors were intensely focused on the U.S. inflation data that was scheduled to be released later on Wednesday. They anticipated that core consumer prices would have increased 5% annually in June. The data might indicate how much farther the Federal Reserve might increase interest rates.
The Bank of Japan (BOJ) is expected to announce adjustments to its ultra-low interest-rate policy at its meeting this month, which helped the yen rise to a one-month high and strengthen over 140 to the dollar for the first time in a month. This move was also supported by a decline in U.S. Treasury yields.
Investors were intensely focused on the U.S. inflation data that was scheduled to be released later on Wednesday. They anticipated that core consumer prices would have increased 5% annually in June. The data might indicate how much farther the Federal Reserve might increase interest rates.