USD/JPY bulls eye propetcs of a correction ahead of US CPI USDJPY Currencies Technical Analysis DollarIndex Fed
to hold steady at 3.4%. Average hourly earnings rose 0.2% last month after gaining 0.3% in January, below expectations of 0.3%.
On Monday, more fuel was added to the fire when markets priced in a Federal Reserve that will slow if not halt its raising of interest rates after US authorities moved to limit the fallout from the sudden collapse of Silicon Valley Bank. A new Bank Term Funding Program will offer loans from the Federal Reserve of up to one year to depository institutions, backed by United States Treasuries and other assets these institutions hold., or DXY, which measures the greenback vs.
Also supporting the bid in the Yen is the fact that the Fed funds futures have been repriced as traders expect that the Fed's terminal rate will be lower. Investors are now expecting that to come in as low as 4.14% for December which was originally priced above 5% on Friday. Additionally, futures are showing a 21% chance of no hikes in rates from the Federal Open Market Committee when announcements will be made on March 22.
and food prices will likely dent non-core CPI inflation. Our m/m forecasts imply 6.1%/5.5% YoY for total/core prices.´´On a daily basis, USD/JPY is moving into a support zone that could result in a correction ahead of the US CPI data with the 134.50-70 eyed as per the dailyThere is a lot of resistance between 133.70 and 134.00 that the bulls will need to volt first.
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