USD/JPY bulls take on 133.80 resistance ahead of critical US CPI – by fx_ross USDJPY Currencies DollarIndex Fed BOJ
London's lows of 132.97 and printed a high of 133.80 in New York´s midday trading and despite some dovish comments from US central bank officials that weighed on the DXY index.
USD/JPY remains bid as the Greenback remains supported on the interest rate differentials with higher T-note yields on Tuesday weighing on the yen, along withthat Japan’s March machine tool orders posted their biggest decline in 2-1/2 years. Japan Mar machine tool orders fell -15.2% YoY, the third consecutive monthly drop and the largest decline in 2-1/2 years. Additionally, Bank of Japan Governor Kazuo Ueda signaled no hurry to dial back its massive stimulus.
Consequently, The Federal Reserve is expected to hike rates by an additional 25 basis points at its May 2-3 meeting, before pausing in June. Markets are also pricing for the Fed pivot where a rate cut by year-end on could be on the cards to combat the risks of a recession. Nevertheless, Fed officials have stressed that the central bank's policy path will depend on incoming data.
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