USD/JPY: Dollar Holds Firm Near 38-Year High to Yen. US Inflation Data Looms. - TradingView

Key points:

• US dollar steady near ¥162.
• Yen weakens to 38-year low.
• CPI data to bring forex volatility.

Illustration by TradingView

Volatility looming with June’s consumer price report as analysts expect a cool 3.1% price growth.

• The USDJPY pair was well-bid to start Thursday trading but a key economic report threatened to stir up the scene. Later in the day, the US will release its inflation data and forex traders are on the edge of their seats, hoping for some volatility ahead. The dollar-yen was last seen holding steady at ¥161.70 to ¥161.80 — a 38-year high that has turned the Japanese yen into this year’s biggest loser on the forex board.
• How high can it go from here? Breaking beyond the ¥162 milestone will mark a fresh multi-decade peak as the yen’s valuation has been thrown back into the 1980s. The deeper it goes back in the years, the worse it gets — the 1970s had the Japanese currency going for more than ¥300 to the US dollar. Against all that, the Bank of Japan remains tight-lipped with no signs of intervention since the last failed attempt.
• This said, markets today are eyeing America’s consumer price index, or CPI. The data will highlight the pace of price growth for June and analysts are hoping to get another cool reading. Expectations are set for a 3.1% growth clip for the past month, a decline from May’s 3.3% price acceleration on an annualized basis. Brace for elevated volatility as the report may bring surprises and shake up the currency trading landscape.

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2024-07-11 07:00:04Z
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