USDJPY 16 July 2024 - Hit a three-week low

USD/JPY hit a three-week low after a softer-than-expected US CPI print and shed over 400 pips in just over 30 minutes yesterday afternoon, hitting 157.42, after the latest US CPI report showed price pressures easing by more than expected in June. US dollar weakness was driven by a sharp boost in US rate cut expectations which at one stage yesterday hit a 97% probability for a cut at the September 18 FOMC meeting. Financial markets are currently showing a 46% chance that the BoJ will hike rates by 10 basis points at the end of July, a move that would start to narrow the interest rate differential between the two currencies and weaken USD/JPY. (source : dailyfx.com)

And my view based on technical, USDJPY still bullish with minimum target 160.6, 161.7