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USD/JPY Nears Previous High as Investors Anticipate U.S. CPI Data Release

Guavy AI Editorial Team
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USD JPY
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USD/JPY is nearing its previous high of 160 as investors anticipate the U.S. CPI data release, which could strengthen expectations for a September rate hike by the Federal Reserve.

The pair has recovered from its August low of 155 and is now approaching resistance at 160, where it may face a confluence of technical indicators including the multi-month rising trend line, horizontal resistance, and the 50 EMA. A rise above this level could push bulls firmly back on track and bring 163 and 164 into focus.

However, if the CPI data shows a cooler-than-expected inflation rate, it may put pressure on Treasury yields and give the pair some breathing room.

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