Home›Forex›Major Pairs›USD/JPY edges higher as inflation data cools Fed hike…

USD/JPY edges higher as inflation data cools Fed hike odds

The pair was last at 157.42, and traders said a move above the 50-day SMA near 158.28 would be needed for a sustained recovery.

Reported · Written up by our desk · Major Pairs

USD/JPY rose modestly on Wednesday, gaining 0.08% to trade around 157.42, as US inflation data trimmed expectations for a Federal Reserve rate hike at the October 28 meeting, according to FXStreet.

The article said price action remains neutral to downward biased after prior intervention by US and Japanese authorities, which had pushed the pair from roughly 160.00 down to 153.00 before it partially recovered.

Technical levels highlighted include a need to move above the 50-day SMA at 158.28 for bullish continuation, with resistance near 159.00 and 159.57, while a decline below the day’s low at 156.38 could target 156.00 next.

FXStreet also pointed to a downside path if 156.00 breaks further, mentioning the May 6 low at 155.04 and the September 8 low at 152.89.

Latest closeUSD/JPY 157.40 ▲0.0%

More like this

Sources