USD/JPY Stuck in Narrow Range Ahead of Tokyo CPI and Jackson Hole

The Japanese Yen remains in a precarious position ahead of two critical events: Tokyo's Consumer Price Index (CPI) data on Friday and Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium.

USD/JPY is trading around 159.30, stuck between resistance at 160 and support at 158.40, according to strategists at Brown Brothers Harriman.

The pair has been range-bound due to evolving policy signals from Japan, with BoJ Deputy Governor Ryozo Himino reiterating the bank's hawkish stance and emphasizing the need to address upside risks to prices.

Despite expectations of a rate hike by the Bank of Japan as soon as September, the Yen has yet to experience a sustained recovery.