USDJPY climbs to one-week high, eyes 141.00 mark amid modest USD strength – by hareshmenghani USDJPY Fed Inflation RiskAppetite Currencies
e pair is currently placed just below the 141.00 mark, with bulls still awaiting a sustained move back above the 100-day SMA support breakpoint.
The US Dollar builds on its recovery from the lowest level since August 12 - touched in the aftermath of softer US consumer inflation figures last week - and acts as a tailwind for the USDJPY pair. The better-than-expected US Retail Sales data released on Thursday cast doubts on the peak inflation narrative. Adding to this, hawkish signals from severalofficials suggest that the US central bank is still far from pausing its policy-tightening cycle.
The Japanese Yen, on the other hand, is undermined by a more dovish stance adopted by the Bank of Japan . In fact, BoJ Governor Haruhikoreiterated on Friday that the central bank will stick to its monetary easing to support the economy and achieve the 2% inflation target in a sustained, stable fashion. This is seen as another factor pushing the USDJPY pair higher.
The market sentiment remains fragile amid concerns about economic headwinds stemming from the worsening COVID-19 situation in China and the imposition of fresh lockdowns in several financial hubs. Adding to this, fears of a potential escalation in the Russia-Ukraine conflict temper investors' appetite for riskier assets. Even from a technical perspective, the recent repeated failures near the 141.
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