USD/JPY faces pressure in an attempt to recapture 160.00 as fears of Japan’s intervention deepen. The BoJ looks to raise interest rates further as weak Yen continues to boost inflationary pressures. The US Dollar will be guided by the US core PCE inflation data for May. The rally in the asset appears to have stalled as investors expect a stealth intervention by Japan’s authority against excessive FX moves to limit the downside in the Japanese Yen.
USD/JPY hovers near the horizontal resistance of the Ascending Triangle chart formation on a daily timeframe, which is plotted from April 29 high of 160.32. The upward-sloping border of the above-mentioned chart pattern is placed from March 11 low near 146.50. Advancing 20- and 50-day Exponential Moving Averages near 157.70 and 156.10, respectively, indicate that the overall trend is bullish. The 14-day Relative Strength Index oscillates inside the 60.00-80.
BOJ Fed Inflation Dollarindex
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