USDJPY Technical Analysis – We continue to range around key levels ...Middle East

Fundamental OverviewOverall, we’ve seen a rangebound price action in the US Dollar this week as the market awaits new catalysts to push into either direction. The market’s pricing remains mostly unchanged at three rate cuts by the end of 2025 for the Fed.Yesterday, we saw some strong bids in the greenback late in the day although there wasn’t any catalyst for the move. Those moves are getting erased this morning and we’ll see if that’s going to continue.On the JPY side, the Japanese CPI today came mostly in line with expectations with inflation being just a bit above the BoJ’s 2% target. The market is pricing a 58% chance of a rate hike in December and a total of 48 bps of tightening by the

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