The Japanese Yen (JPY) continued to weaken against the broadly stronger US Dollar (USD) for the second consecutive day, falling to a three-week low during the Asian session on Friday.
Uncertainty over the likely timing of the Bank of Japan's (BoJ) next interest rate hike continued to weaken the JPY, which failed to find any relief from Japanese consumer inflation figures. In fact, Japan's National Consumer Price Index (CPI) indicated that underlying inflation remains strong, supporting the argument for further policy normalization by the BoJ.
Meanwhile, the US Dollar (USD) maintained its positive bias and rose to its highest level since August 6th amid diminishing odds of more aggressive policy easing by the Federal Reserve (Fed). This provided additional support for the USD/JPY pair and contributed to its intraday positive move beyond the mid-147.00s.
The fundamental backdrop suggests that the path of least resistance for the pair is upward. However, traders may refrain from placing new bets and opt to wait for Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium. (alg)
Source: FXstreet
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