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Fed's Hawkish Pivot Boosts USD/JPY

JPY

USD/JPY caught a bid Tuesday, extending gains after the FOMC delivered their monetary policy decision. The Federal Reserve took a hawkish turn, with Chair Powell paving the way to a rate hike in March and signalling the potential for more decisive action to combat elevated inflation. The Fed's growing readiness to embark on a more aggressive tightening cycle is at odds with the BoJ's commitment to their current ultra-loose policy stance.

  • USD/JPY has extended yesterday's gains this morning and last trades at Y114.69, following the rejection of Jan 19 high of Y114.79. A clean break above Jan 18 high of Y115.06 would bode well for bulls, marking the completion of a short-term double bottom pattern and bringing Jan 4 cycle high of Y116.35 into play. Bears look for losses past Jan 14/24 lows of Y113.49/47, located just above the 76.4% retracement of the Nov 30 - Jan 4 rally at Y113.43.
  • Focus in Japan moves to January Tokyo CPI, due Friday.
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