Forex
USD/JPY Driven Toward Critical Support by Weaker US Data and Stronger Japan
A confluence of weaker US economic data and stronger-than-expected Japanese releases is driving USD/JPY toward critical support.
The US saw core PCE inflation rise only 0.1% MoM, below forecasts, while Q2 GDP growth slowed to 1.5%, signaling a loss of momentum.
Meanwhile, Tokyo Core CPI accelerated to 1.9% YoY, above the forecasted 1.8%, and Industrial Production rose 1.3% MoM, exceeding expectations.