The USDJPY is approaching the sensitive level of 152.00, but still faces immediate resistance at the 151.70 level.
Stronger inflation data could convince the Fed to raise interest rates more in the December or January meeting to bring inflation back to target. Conversely, this could strengthen the US Dollar (USD) and act as a favorable catalyst for the USD/JPY pair.
However, more consideration is needed as the US Consumer Price Index (CPI) data will be released later today. Attention will then shift to Japan's preliminary Gross Domestic Product (GDP) on Wednesday. These events could provide clearer direction for the USD/JPY pair.
Stronger inflation data could convince the Fed to raise interest rates more in the December or January meeting to bring inflation back to target. Conversely, this could strengthen the US Dollar (USD) and act as a favorable catalyst for the USD/JPY pair.
However, more consideration is needed as the US Consumer Price Index (CPI) data will be released later today. Attention will then shift to Japan's preliminary Gross Domestic Product (GDP) on Wednesday. These events could provide clearer direction for the USD/JPY pair.
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