The USD/JPY currency pair is likely going to continue to see this area just below as support, and we will have to pay close attention to it.
- The CPI number came out to 0.0% month over month on Wednesday morning, and the Core CPI figure came out at 0.3% month over month.
- This was lower than anticipated, so traders started to bet that the Federal Reserve is closer to pivoting than they originally thought.
- As a result, interest rates started to drop across the board, just exactly what the Japanese yen needs to see.