USDJPY Analysis – January-12-2024

USDJPY Analysis - January-12-2024

The USDJPY currency pair is currently stable at around 145 per dollar. Investors are waiting for next week’s domestic inflation data. This will help predict the Bank of Japan’s monetary policy. Earlier, there was a belief that the BOJ might increase interest rates soon.

But this changed as officials insisted on a consistent inflation increase supported by higher wages. Also, Japan’s recent current account surplus was less than expected for November. However, the yen is still near its one-month low. This is because new data questioned the idea that the Federal Reserve in the U.S. might reduce rates. The latest figures revealed that U.S. consumer prices increased by 3.4% over the year and 0.3% in December. These numbers were higher than the predicted 3.2% and 0.2%.

USDJPY Analysis - January-12-2024

USDJPY Analysis 4-Hour Chart