USDJPY: SELL 147.40, SL 148.40, TP 145.40 | 14 May 2025

Event to pay attention to today:

15:30 EET. USD - Consumer Price Index

USDJPY:

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Bank of Japan Deputy Governor Shinichi Uchida recognised both positive and negative risks associated with potential US tariffs, noting that such measures could negatively impact Japan's economy.

Deputy Governor Uchida also highlighted the wage growth caused by the tight labour market, suggesting that companies are likely to continue to pass on higher labour costs, which could support core inflation and inflation expectations over time.

On Tuesday, Japanese Finance Minister Katsunobu Kato commented on the possibility of meeting with US Treasury Secretary Scott Bessent to discuss currency issues and possibly ongoing tariff negotiations.

The Bank of Japan's (BoJ) summary of views from its 30 April-1 May monetary policy meeting pointed to continued uncertainty as a key concern. One member noted that the central bank is likely to continue raising interest rates in line with improvements in economic conditions and inflation. Another emphasised the need to maintain the current stance of raising rates.

Looking ahead, traders' attention is focused on the upcoming US consumer price index (CPI) report for April, due for release on Tuesday.

Trade recommendation: SELL 147.40, SL 148.40, TP 145.40

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