USD/JPY bulls target a breach of a major daily barrier with US CPI watched.

 

The US CPI report is the next significant planned driver for the USD/JPY market. The price coiling may develop an inverted daily head and shoulders pattern.

The USD/JPY seeks to rise amid a light schedule in the North American session but has encountered offers as US equities soar to new weekly highs. As of this writing, the USD/JPY exchange rate is back to flat for the day at 132.35, having traded between a low of 132.06 and a high of 132.87 for Tuesday and the whole week.

Investors eagerly await the US consumer price index, which has impacted the US Dollar and US Treasury rates in the most recent hours. Wall Street’s major indices are bid as a result. The 10-year yield is now down 1.66% and is approaching a 3.563% hourly support structure. If this were to persist, it would provide some support for the dollar as well and fend off USD/JPY bearish, allowing the cross to maintain its current level until Thursday’s CPI data, when traders hope to learn more about the direction of the Federal Reserve’s rate hikes.

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