The Japanese Yen (JPY) extends its downside for the third successive session following the Tokyo Consumer Price Index (CPI) data released on Friday.
The Japan ese Yen loses ground after the release of Tokyo CPI inflation data on Friday. The Tokyo Consumer Price Index rose 2.2% YoY in September, down from August’s 2.6% increase. The US Dollar receives downward pressure from dovish Fedspeak. The Japan ese Yen extends its downside for the third successive session following the Tokyo Consumer Price Index data released on Friday. The JPY faces challenges as traders expect the BoJ to ponder before further rate hikes.
Additionally, the 14-day Relative Strength Index remains slightly above the 50 level, confirming an emergence of a bullish sentiment. On the upside, the ongoing bullish bias could lead the USD/JPY pair may explore the region around the upper boundary of the ascending channel at 146.90 level, followed by its five-week high of 147.21 level, which was recorded on September 3. In terms of support, the USD/JPY pair may test the nine-day Exponential Moving Average at the level of 143.
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