The yen hit a 32-year low after a positive US inflation report. Japan is keeping a close eye on the yen and is ready to intervene if necessary. Japan is suffering imported inflation due to the weaker yen. Today’s USD/JPY price analysis is bullish. News that consumer inflation in the United States was at 8.2% propelled the yen’s overnight decline to a 32-year low. It reinforced expectations that the Federal Reserve would continue hiking interest rates for longer, further devaluing Japan’s currency. -If you are interested in forex day trading then have a read of our guide to getting started- A senior politician in Japan’s ruling coalition party said on Friday that the country would carefully consider whether to intervene to stop any excessive yen depreciation after the Japanese currency fell to a 32-year low versus the dollar. Japan will urgently watch the yen, which is historically low. On Thursday, a senior International Monetary Fund official said that Japan’s currency intervention last month to arrest a rapid decline in the yen was likely a “signalling action” to moderate volatility. However, the effects of such interventions often last just a short time. The weak yen, once hailed as boosting exports, has caused policymakers in Japan problems because it raises the price of importing already-expensive fuel and food. Therefore, markets are keeping an eye on Japan to see whether they will intervene again. But intervention can only do so much. The yen looks set for further weakness. USD/JPY key events today Investors are expecting retail sales data from the US. This data will measure the total retail sales, indicating the state of consumer spending in the country and the economy’s health. Get FREE Forex Signals Now! USD/JPY technical price analysis: Bulls heading for 148.00 Looking at the 4-hour chart, we see the price trading well above the 30-SMA and the RSI in the overbought region. These are all signs of a strong bullish trend. Bears have not played a big role in the market since the price broke above the 145.00 key resistance level. –Are you interested to learn more about forex bonuses? Check our detailed guide- With this much strength, bulls broke above the 147.02 psychological level and can only go higher. However, there is a chance that it will come in as the price is oversold. If they do return, it would be to retest the 30-SMA as resistance before the price makes new highs. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Weekly Forecast: Slowing Eurozone Economy Fuels Recession Saqib Iqbal 2 months The yen hit a 32-year low after a positive US inflation report. Japan is keeping a close eye on the yen and is ready to intervene if necessary. Japan is suffering imported inflation due to the weaker yen. Today's USD/JPY price analysis is bullish. News that consumer inflation in the United States was at 8.2% propelled the yen's overnight decline to a 32-year low. It reinforced expectations that the Federal Reserve would continue hiking interest rates for longer, further devaluing Japan's currency. -If you are interested in forex day trading then have a read of our guide to getting started-… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.