The USD/JPY pair recovered intraday losses and rebounds to 154.40 in Thursday’s European session.
USD/JPY finds buying interest near 154.00 as investors see Japan’s intervention mere a temporary solution to support weak Japanese Yen. Japan’s National CPI data will impact market expectations for BoJ’s rate hikes. The US Dollar corrects despite the Fed is expected to keep interest rates higher for a longer period. The asset finds buying interest as investors digest fears of potential Japan’s intervention in the FX domain to support the Japanese Yen from further declining.
Japan’s annual headline CPI and measure excluding fresh foods are estimated to have softened to 2.7% from 2.8% in February. Easing price pressures would negatively impact market expectations for further policy-tightening by the BoJ. Market sentiment remains upbeat despite Israel's absence of immediate response to Iran’s attack on its territory. S&P 500 futures have posted significant gains in the European session. The US Dollar Index corrects sharply to 105.
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