⚡️Inflation, as measured by the Consumer Price Index, or CPI, fell from a four-decade high of more than 9% annually in June 2022 to a low of 3% this June. But by July, it began to rise again, reaching 3.2%. That raises the possibility that the Fed, which has raised interest rates by 5% over the past 18 months, will return more aggressively to monetary policy. That sent the Dollar Index to a six-month high.
⚡️But as this week began, there was renewed speculation that the Fed would make another rate hike or more before the end of the year, in an effort to bring inflation back to its annual target of 2%.
⚡️USD/JPY rose on Friday to 147.70 after Japan reported soft data during the Asian session and the pair is expected to post a 1% weekly gain. On the USD side, it is bearish, consolidating weekly gains, but the DXY index continues to trade at multi-month highs.
⚡️Technical analysis⚡️
The price is in wave 5, the last wave of Elliot, operating below the EMA, the RSI strength index is above 50, the D1 frame appears a small divergence, the price will have a small correction before moving to the ABC correction rhythm.
⚡️But as this week began, there was renewed speculation that the Fed would make another rate hike or more before the end of the year, in an effort to bring inflation back to its annual target of 2%.
⚡️USD/JPY rose on Friday to 147.70 after Japan reported soft data during the Asian session and the pair is expected to post a 1% weekly gain. On the USD side, it is bearish, consolidating weekly gains, but the DXY index continues to trade at multi-month highs.
⚡️Technical analysis⚡️
The price is in wave 5, the last wave of Elliot, operating below the EMA, the RSI strength index is above 50, the D1 frame appears a small divergence, the price will have a small correction before moving to the ABC correction rhythm.
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⚡️Bets that more rate hikes by the Fed underpin the USD and help limit losses for the pair.
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⚡️USD/JPY drops to a multi-day low on Monday in reaction to BoJ Ueda's hawkish remarks.
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⚡️The plan is right, follow me
