- The US Dollar is strong, as it was at the end of last week, and this has boosted the USD/JPY currency pair to a new 1-year high price below ¥152. The price is now barely 120 pips away from a 33-year high, so if the price gets established later above ¥152, that will be a very significant bullish breakout. USD/JPY will be very interesting to trend traders now on the long side. In the Forex market, the strongest major currency since this week’s open is the Australian Dollar, while the Japanese Yen is the weakest major currency.
- Markets are awaiting tomorrow’s US CPI (inflation) data release, which is expected to show a decline from annualized rates of 3.7% to 3.3%.
- Crude Oil is in focus today as crude oil futures remain near 3-month low prices made recently, with dampening global demand and weak Chinese economic indicators seen as assisting the bearish mood here.
- Bitcoin continues to retreat after reaching its highest price since May 2022 near $37,000 a few days ago.
- Stock markets are mostly lower over the Asian session today.
- Analysts are forecasting that the US Federal Reserve will begin cutting its interest rate early in 2024. This may weaken the US Dollar and boost US stock markets.
- There are no data releases today of high importance, and as it is also a Monday, it may well be a relatively quiet day in the market today.
Forex Today: USD/JPY Reaches New 1-Year High Price
Adam Lemon
US Dollar strength has continued into the new week, sending the USD/JPY currency pair to a new 1-year high price below ¥152.