Forex (SPOT)

USD/JPY: Intraday Analysis Update & Forecast

The U.S. dollar swayed in a tight range on Tuesday as traders took stock of developments in the Middle East and braced for speeches this week by central bank officials, while the pound dipped as data indicated a softening labour market.

The yen  briefly surged but quickly trimmed gains after a media report that the Bank of Japan was considering raising its core CPI forecast for the 2023 and 2024 fiscal years but maintaining the inflation outlook for 2025. The yen last fetched 149.47 per dollar, having risen as high as 148.75 after the report, as analysts said the kneejerk reaction to higher inflation forecasts in the near term was negated by the longer-term projections.

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