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- USD/JPY retreats below 157.00 at the end of the week.
- Traders dumped the USD after soft PCE data.
- The Fed’s hawkish outlook might limit the pair’s downside.
The USD/JPY pair pulled back from its highest levels since July, retreating to 156.50 following the release of US Personal Consumption Expenditure (PCE) data. Softer inflation metrics, coupled with insights from the Federal Reserve’s recent interest rate decision, moderated bullish momentum for the US Dollar. Meanwhile, the pair’s technical indicators signal caution despite maintaining an overall bullish bias.
The latest PCE data from the Bureau of Labor Statistics (BLS) revealed subdued price pressures in November. Prices for goods rose marginally by less than 0.1%, while service prices increased by 0.2%. Food and energy prices also registered a modest 0.2% increase. Excluding these volatile components, Core PCE rose by 0.1% on a monthly basis and by 2.8% year-over-year, below market expectations.
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