The Japanese yen rebounded last week, as USD/JPY dropped about 115 points, closing just under the 120 level. This week’s highlight is Tokyo Core CPI. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
In the US, the Federal Reserve kept the markets guessing till the very last minute, but in the end refrained from raising rates and the yen took full advantage, posting strong gains against the dollar. US unemployment claims were better than expected, but the Philly Manufacturing Index posted a sharp decline, well below expectations. There were no major economic releases out of Japan.
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