USD/JPY Retains Upward Bias Amidst Mixed Economic Data

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The USD/JPY pair is trading slightly higher, with the Japanese Yen (JPY) struggling to gain ground against the US Dollar (USD). Key Factors: Technical Analysis:

The USD/JPY pair is trading slightly higher, with the Japanese Yen (JPY) struggling to gain ground against the US Dollar (USD).

Key Factors:

  • Japanese Yen Weakness: The Japanese Yen is under pressure due to uncertainty about the Bank of Japan’s monetary policy and political risks.
  • US Dollar Strength: The US Dollar is supported by the recent release of the US Consumer Price Index (CPI) data and expectations for further Fed rate cuts.
  • Economic Data: The US Initial Jobless Claims data showed signs of weakness in the US labor market, which could lead to further Fed rate cuts.

Technical Analysis:

  • Upward Trend: The USD/JPY pair is in a short-term upward trend, with potential for further gains.
  • Support Levels: The 148.00 level is a key support level.
  • Resistance Levels: The 149.00, 149.55-149.60, and 150.00 levels are potential resistance levels.

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