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The Yen Continues to Resist the Growth of the US Dollar

9/14/2022 3:41 PM

The USD/JPY pair is trading around 143.65. The yen actively resists the US dollar, which received a powerful upward impulse in yesterday's trading.

Japanese Finance Minister Shunichi Suzuki announced the regulator's readiness to take decisive steps to stabilize the national currency, not excluding foreign exchange interventions. At the same time, the yen has become more competitive, positively impacting the tourism industry's development, as more and more travelers want to visit Japan due to a significant reduction in the cost of such tours in dollars or euros. Locally, the yen quotes were also supported by statistics on basic orders in engineering, which rose by 5.3% in July, up by 12.8% YoY.

Yesterday, the US dollar again broke 109.00 in the USD Index after the publication of data on consumer prices, which fell for the second month in a row and at 8.3% YoY, slightly above the forecasted value of 8.1%, while the core index increased to 6.3% YoY from 5.9% a month earlier. Investors took this statistic as an obvious signal that the US Federal Reserve will continue its "hawkish" monetary policy, as the rate of inflation slowdown is insufficient.

The trading instrument is moving within the global uptrend, having reached the maximum of the year around 145.00.

Technical indicators do not react to local dynamics and keep a stable buy signal: the EMA fluctuation range on the Alligator indicator is directed upwards, and the AO oscillator histogram forms new bars well above the transition level.

Resistance levels: 145.00, 147.00. | Support levels: 142.08, 138.90.

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