$USDJPY Forex Signal: Bearish Trend to Persist Ahead of US CPI Data
The pair dropped to a low of 132.18, which was slightly above this week’s low of 129.52. It has fallen by over 13% below the highest point in 2022.The USD/JPY price has been in a strong bearish trend in the past few weeks as investors reacted to the hawkish statement by the Bank of Japan . In its December policy meeting, the bank decided to adjust its yield control policy. This move was a major change that signaled that the bank was ready to shift its tone on interest rates.
The USD/JPY reacted mildly to the statement by Jerome Powell. In his speech, he avoided commenting on the strong jobs numbers that were published on Friday last week. Instead, he reiterated that the bank will maintain its independence. There will be no major economic data from Japan and the US on Wednesday. Therefore, investors will focus on the upcoming US inflation data. Economists polled by Reuters expect the data to show that inflation continued retreating in December.
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