The USD/JPY pair continues its consolidation within a defined range.
The Japanese yen, in its pairing with the US dollar, persists in a sideways movement. Presently, the USD/JPY exchange rate is stable at 147.76.
About a week ago, the pair peaked at 148.80.
In January, core inflation in Tokyo experienced a decline to 1.6% year-over-year, down from the previous rate of 2.1% and below the forecasted 1.9%. This downturn presents unfavorable news for the JPY and its national regulatory body.
Throughout this week, market activity has remained erratic following the Bank of Japan’s recent meeting. Expectations regarding potential monetary policy adjustments have shifted to April. There’s a possibility that the Bank of Japan might maintain a zero interest rate after years of negative rates. However, accomplishing this objective hinges on prompt government action to address the aftermath of the January 1st earthquake in the country.
The post USD/JPY Pair Maintains Consolidation: Overview for January 26, 2024 appeared first at R Blog – RoboForex.