USD/JPY hit 106.42, a fresh 2021 high, as bulls maintain the pressure. The pair has the 107.00 level in its sights, as FXStreet’s Chief Analyst Valeria Bednarik notes.
“Japan published February Tokyo inflation data, with the headline figure printing at -0.3% YoY, as expected. The core reading, which excludes fresh food prices, also printed at -0.3% YoY. Industrial Production was up 4.2% MoM in January but contracted 5.3% compared to a year earlier.”
“The US will publish January Personal Income and Personal Spending and the final estimate of the February Michigan Consumer Sentiment Index, foreseen at 76.5.”
“The USD/JPY pair holds on to most of its weekly gains, and the risk remains skewed to the upside in the near-term. The downside seems well limited by the 105.80 area, as buyers keep surging on approaches to the level.”