The Japanese Yen (JPY) remains steady after the Tokyo Consumer Price Index (CPI) data by the Statistics Bureau of Japan was released on Friday.
The Japan ese Yen may appreciate due to higher economic data from Japan . BoJ's Adachi favored raising interest rates if a weaker JPY leads to heightened inflation. The decline in the US Treasury yields could limit the advance of the US Dollar. The Japan ese Yen remains steady after the Tokyo Consumer Price Index data by the Statistics Bureau of Japan was released on Friday. The year-over-year CPI increased to 2.2% in May, up from the previous 26-month low of a 1.8% rise.
The daily chart shows a symmetrical triangle, indicating a pause in the prevailing bullish trend. However, the 14-day Relative Strength Index remains above 50, suggesting a continued bullish bias for the pair. The USD/JPY pair could test the upper boundary of the symmetrical triangle, followed by the psychological level of 158.00. If this level is breached, the next target could be 160.32, marking its highest point in over thirty years.
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