There is no doubt that the USDJPY price move above the resistance 138.50 strongly supports the upcoming stronger bullish move, the 140.00 psychological summit, its highest in 24 years.
Enter your emailThere is no doubt that the stronger US inflation figures increased the markets’ bets that the US Federal Reserve would be more aggressive in the coming months in the pace of raising US interest rates.to complete the upward path and reach the resistance level 138.65, and the currency pair is settling around these gains, waiting for any new.
The US dollar has room to extend its gains and stocks are likely to continue falling after the latest US inflation data. Other expectations include a further inversion of the US yield curve, renewed weakness in the yen and finally pushed the euro below parity with the dollar. Ahead of the release of US inflation figures, which recorded their highest in 40 years, Ben Powell, an investment analyst at the BlackRock Institute for Investment in Asia and the Pacific, said in an interview with Bloomberg TV that markets are going through a paradigm shift from a somewhat loose policy era with low inflation and low rates. , to an inherently more volatile world shaped by supply.
Pepperstone Group Head of Research Chris Weston stated, “The CPI reading below 8.5% will spur the bulls, with bond yields very low, so I imagine the dollar drops globally, crypto goes up 5 percent. %+, Nasdaq 100 + 2.5% to 3%, Gold +1.5% Conversely, a number above 9% can validate the US dollar’s long position in the market and reinforce the idea that inflation will be high for the rest of the calendar year.” .There is no doubt that the USD/JPY price move above the resistance 138.
The closest support levels for the dollar are 138.00, 137.25 and 136.55, respectively. Today, the US dollar will await the announcement of the producer price index reading and the number of US weekly jobless claims.
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