The USDJPY pair bounced off 1998 high around 147.00 as Japanese Finance Minister Shunichi Suzuki again reiterated that the government was ready to take “decisive” action to counter rapid yen declines, but added that the speed of change rather than the level is a more important factor in deciding whether to intervene again. Nevertheless, the recent frequent statements by Japanese policymakers and politicians regarding the yen exchange rates seem to have less and less effect on the market. Pair should experience elevated volatility during release of today's US CPI reading at 1:30 pm BST
From a technical perspective, a break above the 1998 high could push the pair towards the next psychological level at 150.00. On the other hand, should US inflation decline sharply, a move towards support at 146.00 may be launched.
USDJPY, H1 interval. Source: xStation5
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