USDJPY Chart Technical Outlook hovering below 157.45 resistance with bulls in control ahead of a busy US session.
The US Dollar has been consolidating near two-week highs against the Japanese Yen, with the broader bullish bias intact. Price action is likely to remain rangebound during the European session, with investors awaiting the release of US CPI data right ahead of the Fed’s Monetary policy decision.
US CPI is expected to have remained steady at a 3.4% year-on-year rate, with the Core CPI growing at a 3.5% yearly pace. Any deviation from these figures is set to trigger a significant US Dollar volatility.
The highlight of the day, however, will be the Fed’s decision. Interest rates are widely expected to remain unchanged, but the strong labour market and the sticky inflation might prompt the bank to revise its interest rate projections. March’s Median projection of three rate cuts is expected to be trimmed to two. That might give a fresh boost to the USD.
From a technical perspective, the strong rebound on Friday sug
