πΉ USD/JPY swings ahead of key US inflation data
The USD/JPY pair has shown significant movement following recent interventions by the Bank of Japan and the US Treasury Department. Tomorrow's US CPI report is highly anticipated as markets largely expect the US to raise rates later this year. The report is forecast to show 3.4% year-over-year inflation, with the core reading projected at 2.5%. Currently, traders are split 50/50 regarding an FOMC rate hike next month. This inflation data is expected to cause notable volatility in the currency markets. π