Yesterday it collapsed to the support level 132.00 starting from the resistance 135.30 in one trading session.
Currently, economists are divided over whether the slowdown in US consumer price growth for July means the Federal Reserve could ease its aggressive program to raise US interest rates, making 75 basis points less specific. Labor Department data on Wednesday showed that the US Consumer Price Index rose 8.5% from a year earlier, cooling off June's 9.1% advance which was the largest in four decades.
Fed Chairman Jerome Powell told reporters after the July 27 decision that officials could raise rates by the same amount at the next meeting, depending on readings from the economy now and then. It will slow at some point in the future. Core inflation, excluding volatile food and energy, rose 0.3% from June and 5.9% from a year ago. While these numbers were better than expected, Fed officials are likely to be concerned about how far away they are from the 2% inflation target.On the daily chart below, the price of the USD/JPY currency pair is at the beginning of the phase ofThe direction may change completely in case it moves towards the 130.00 psychological support level.
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