For four trading sessions in a row, the price of the USDJPY currency pair is moving amid profit-taking sales towards the 115.05 support level.
This is after testing at the beginning of the new year's trading the 116.35 resistance level, its highest in five years.
Inflation rates in the United States have risen to more than six percent in recent months and combined with a strong and continuing recovery in the US labor market, spurred by a rapid turnaround by the Federal Reserve, put the bank on the right track to raise interest rates. The minutes of last week's December meeting showed that there was substantive debate last month about when and how the Federal Reserve should shrink its expanded $8.8 trillion balance sheet while revealing for the first time that this process known as "quantitative tightening" could begin relatively soon after.
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