Yesterday's US election caused the USD to strengthen after Trump was almost certain to be the winner in the 2024 election contest, USDJPY soared, and other currencies also depreciated due to the strengthening of the USD.
USDJPY fell yesterday after previously surging up 154,710, having fallen to 151,290. The Fed finally cut the rate by 25 basis points from 5.00% to 4.75%, causing the US dollar to weaken slightly.
Monday's market, USDJPY rose in the range of 153,062, it is hoped that it will reach it, but today the French, Canadian and US banks are on holiday, maybe the market is a bit sluggish.
USDJPY extended its increase yesterday drawing a bulls candle, there were three bullish candles indicating a bullish market, today we are waiting for the release of the US CPI which is a clue to the Fed's interest rate policy.
After the release of US CPI data yesterday, the price of USDJPY also fluctuated, suddenly the price dropped to 154,416, a moment later it rallied and paused at 155,622. Pending orders are untouched.
It looks like the Japanese Yen is getting pressured by the strengthening of the USD, the price is drawing a bulls candle with a long body, the US CPI and PPI data although as expected, but lower unemployment claims are pushing the USD to strengthen.
USDJPY drop continues last weekend's decline, and USD weakens against other currencies, today the important news for Canada is CPI data and UK monetary policy report.
