The Japanese Yen (JPY) hit a fresh low since April against its American counterpart during the Asian session on Wednesday, with the USD/JPY bulls now awaiting a sustained strength beyond the 149.00 mark before placing fresh bets.
Investors pared their bets for an immediate interest rate hike by the Bank of Japan (BoJ) amid concerns about the economic fallout from higher US tariffs. This, in turn, has been a key factor behind the JPY's relative underperformance since the beginning of this month.
Adding to this, domestic political uncertainty ahead of the House of Councillors election on July 20 keeps the JPY bulls on the defensive, which, along with the recent US Dollar (USD) rally, lends support to the USD/JPY pair.
In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, shot to its highest level since June 23 following the release of US consumer inflation figures on Tuesday, which reaffirmed expectations that the Federal Reserve (Fed) would delay cutting rates.
Source: FXStreet
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