US Dollar is being traded near four and half year highs against Yen in expectation of the US data

Written by Michael Fisher

Michael Fisher is an active trader and market analyst. He holds a Bachelors degree in Economics from University of Pennsylvania and started his career as a private Forex trader back in 2005.

, | Updated: October 30, 2024

During the trading session today USD/JPY cross rose to 4 and half year high, as investors lie in wait for the crucial data from United States, regarding Producer Price Index, Core Producer Price Index, Industrial Production and Treasury International Capital Flows, due to come out today. Alongside these expectations, speculations have appeared about Federal Reserve Banks decision to end the stimulus program earlier than expected.

USD/JPY reached 102.61 during European session, then consolidation of the pair followed at 102.49.

The resistance levels for this cross were met at todays session high, 102.61, while the support level was expected at 101.26, which was Tuesdays low.

Earlier today Japanese Tertiary Industry Activity Index dropped by 1.3% monthly, surpassing the estimated value (-0.7% decrease). It was reported, that previous month (February) Japans business activity in the services sector expanded by the rate of 1.2%.

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