• USD/JPY dipped on Thursday as the dollar weakened ahead key U.S. data and Fed Chair Powell’s speech.
• Focus is on several key upcoming economic reports scheduled for Thursday, including the U.S. Producer Price Index (PPI), Jobless Claims, and Retail Sales data.
• Market participants will closely analyze these new data points for signs of whether the Fed will maintain its current interest rate stance, pause, or potentially adjust policy in the near term.
• Fed Chair Powell’s Thursday speech will highlight the Fed’s review of its policy framework on employment, inflation, and interest rates.
• Immediate resistance is located at 147.14 (38.2%fib), any close above will push the pair towards 148.58(23.6%fib).
• Support is seen at 145.80(50%fib) and break below could take the pair towards 144.44(61.8%fib).
Recommendation: Be on sideliness
