USD/JPY consolidated its recent gain near the 146.30 area, All eyes are on Japanese CPI, Jackson Hole

USD/JPY oscillates around the 146.15-146.40 region in a narrow trading band.
Foreign investors sold $9.26 billion in Japanese Government Bonds than in the previous six months.
Traders raise their bets on additional rate hikes by the Federal Reserve (Fed).
Investors await Tokyo Consumer Price Index, Fed Chairman Jerome Powell Speaks.

Lallalit Srijandorn FXStreet

The USD/JPY pair currently trades near 146.37 during the Asian trading hours on Tuesday. The stronger US Dollar is supported by the rise of US US Treasury bond yields. On late Monday, the US 10-year Treasury bond yields climb to 4.35%, the highest level since 2007.

Markets believe the Bank of Japan (BoJ) could intervene by selling the Greenback around 150. It’s worth noting that the Japanese central bank prompted massive dollar selling in September and October last year as the Japanese Yen approached the 145 zone.

Furthermore, the Japan Securities Dealers Association and Nikkei Asia reported on Tuesday that foreign investors sold 1.35 trillion yen ($9.26 billion) Japanese Government Bonds (JGBs) than in the previous six months. Markets players are concerned about the BoJ policy adjustment after the central bank allowed the Yield Curve Control (YCC) band to move above the cap as long as it remains below 1.0%.

Across the pond, market players raise their bets on additional rate hikes by the Federal Reserve (Fed) despite the robust labor data and weaker inflation data. Federal Reserve (Fed) Chairman Jerome Powell Speaks on Friday will be a guide for investors and could provide insights into economic conditions. That said, the monetary policy differential between the US and Japan is the main driver of the Yen's weakening. A hawkish tone from Fed might lift the US Dollar and support the USD/JPY pair.

Looking ahead, the preliminary Japanese Jibun Bank PMI data for August will be due on Wednesday and the top-tier data, Tokyo Consumer Price Index YoY for August will be released on Friday. On the US docket, Existing Home Sales, S&P Global PMIs, Initial Jobless Claims, and Durable Good Orders will be released later this week. Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday will be the highlight of the week. Traders will find opportunities around the USD/JPY pair.

USD/JPY

Overview
Today last price	146.25
Today Daily Change	0.03
Today Daily Change %	0.02
Today daily open	146.22

Trends
Daily SMA20	143.47
Daily SMA50	142.45
Daily SMA100	139.32
Daily SMA200	136.56

Levels
Previous Daily High	146.4
Previous Daily Low	145.15
Previous Weekly High	146.56
Previous Weekly Low	144.65
Previous Monthly High	144.91
Previous Monthly Low	137.24
Daily Fibonacci 38.2%	145.92
Daily Fibonacci 61.8%	145.63
Daily Pivot Point S1	145.44
Daily Pivot Point S2	144.67
Daily Pivot Point S3	144.19
Daily Pivot Point R1	146.7
Daily Pivot Point R2	147.18
Daily Pivot Point R3	147.96

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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