USDJPY Potential Downturn: Key Levels and FOMC Insights today
Hey Traders, in today's trading session we are monitoring USDJPY for a selling opportunity around 155.900 zone, USDJPY is trading in an uptrend and currently seems to be attempting to break it out. If we get decent dips below the support area we will be looking for a potential retrace of the trend towards more lows.
Fundamentally the last CPI data came below expectations, indicating that inflationary pressures might be easing. This could reduce the need for aggressive interest rate hikes by the Federal Reserve, potentially leading to USD weakness. Additionally, we have the FOMC meeting later today, where any dovish signals or a cautious approach towards future rate hikes could further weaken the USD, making the bearish scenario for USDJPY more likely. Therefore, it's crucial to monitor the price action around the 155.900 zone and be prepared for potential volatility following the FOMC announcements.
Fundamentally the last CPI data came below expectations, indicating that inflationary pressures might be easing. This could reduce the need for aggressive interest rate hikes by the Federal Reserve, potentially leading to USD weakness. Additionally, we have the FOMC meeting later today, where any dovish signals or a cautious approach towards future rate hikes could further weaken the USD, making the bearish scenario for USDJPY more likely. Therefore, it's crucial to monitor the price action around the 155.900 zone and be prepared for potential volatility following the FOMC announcements.
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