The USD/JPY pair extends the rally near 157.15 during the early Asian trading hours on Wednesday.
USD/JPY trades in positive territory for the fourth consecutive day on Wednesday. The US CPI inflation report and theFed interest rate decision will be closely watched later on Wednesday. The BoJ is expected to keep the short-term policy rate steady at 0-0.1% at its June meeting on Friday. Traders prefer to wait on the sidelines ahead of the key events. The US Consumer Price Index data will be released on Wednesday.
On the JPY’s front, the Bank of Japan is expected to maintain interest rates unchanged on Friday. Additionally, nearly two-thirds of economists from a Reuters poll showed the BoJ is expected to start tapering its monthly bond buying, now set at around 6 trillion yen . In the meantime, the interest rate divergence between the US and Japan continues to undermine the Japanese Yen against the USD and create a tailwind for the USD/JPY pair. USD/JPY Overview Today last price 157.
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