The Japanese Yen (JPY) continued its decline on Friday after the release of softer National Consumer Price Index (CPI) data by the Statistics Bureau of Japan.
The Japan ese Yen lost ground as Japan ese CPI fell to 2.5% YoY in April from 2.7% prior. The Japan ese inflation remains above the 2% target, keeping the BoJ under pressure to tighten policy further. The US Dollar gained ground as stronger US PMI data reinforced that the Fed may maintain higher rates for longer. The Japan ese Yen continued its decline on Friday after the release of softer National Consumer Price Index data by the Statistics Bureau of Japan . The annual inflation rate dropped to 2.
Despite this, the 14-day Relative Strength Index remains above 50, indicating continued bullish momentum. A decline below this level would signify a shift in momentum. The USD/JPY pair might retest the upper boundary of the rising wedge at approximately 157.20. If it breaks above this level, the pair could advance toward the recent high of 160.32. On the downside, the nine-day Exponential Moving Average at 156.
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