The USD/JPY pair rebounds to 147.50 after consolidation during the European trading session on Tuesday. This rise comes as the Japanese Yen weakens following doubts the Bank of Japan (BoJ) expresses regarding Japan’s economic outlook.

BoJ Governor Ueda stated during Tuesday’s Asian session that while the economy is showing signs of recovery in some areas, weak consumption remains a concern. Finance Minister Shunichi Suzuki mentioned separately that Japan has not yet overcome deflation. These comments have tempered market expectations for the BoJ to move away from its negative interest rate policy.

Expectations for the BoJ to shift its expansionary policy stance were high before Ueda’s remarks, especially after revised estimates for Japan’s Q4 Gross Domestic Product (GDP) showed that the economy did not enter a technical recession in the latter part of 2023. The revised data indicated a 0.1% growth, contrasting with the 0.1% contraction initially suggested.

Some BoJ policymakers have expressed optimism about a potential uptick in wages, which could help sustain inflation above the desired 2% rate.

Meanwhile, market sentiment remains positive as investors await the release of the United States Consumer Price Index (CPI) data for February at 12:30 GMT. This inflation data will offer insights into the direction of US interest rates. Federal Reserve (Fed) policymakers closely monitor inflation trends, looking for sustained evidence of e


Today last price147.36
Today Daily Change0.41
Today Daily Change %0.28
Today daily open146.95
Daily SMA20149.83
Daily SMA50148.06
Daily SMA100147.61
Daily SMA200146.22
Previous Daily High147.17
Previous Daily Low146.49
Previous Weekly High150.57
Previous Weekly Low146.48
Previous Monthly High150.89
Previous Monthly Low145.9
Daily Fibonacci 38.2%146.75
Daily Fibonacci 61.8%146.91
Daily Pivot Point S1146.57
Daily Pivot Point S2146.19
Daily Pivot Point S3145.88
Daily Pivot Point R1147.25
Daily Pivot Point R2147.55
Daily Pivot Point R3147.93

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