USD/JPY bears eye a break of trendline support for a significant downside move USDJPY Currencies DollarIndex Fed
is under pressure due to data this week that has led markets to believe that the Federal Reserve will indeed pause in its tightening policy campaign after one last rate hike in May. inflation data on Wednesday came in at 5% year-on-year in March, down from 6% in February. Then, on Thursday the easing inflationary pressures continue in data with the Producer Price Index for final demand dropping 0.5% last month. In the 12 months through March, the PPI increased 2.
Meanwhile, as for the position, which will be updated later on Friday, JPY net short positions increased in the prior weeks, having fallen from the previous week to the last. Analysts at Rabobank anticipate that they remain well above the levels held earlier in the year ´´as speculators have lost faith in the view that the BoJ may soon announce a less accommodative monetary policy.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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