USD/JPY and EUR/JPY Show Oversold Signals Amid Global Economic Pressures
Currency pairs USD/JPY and EUR/JPY are flashing daily oversold momentum signals not seen since 2024, which could signal a near-term reversal ahead of the U.S. CPI report and Federal Reserve policy decision.
The development comes amid expectations and risks surrounding a potential Bank of Japan rate hike, elevated oil prices, unresolved geopolitical tensions, and increasing inflation concerns.
According to the Food and Agriculture Organization of the United Nations, the global food price index rose in August to its highest level since late 2022.