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USD/JPY testing highs near 120.50

FXStreet (Edinburgh) - The Japanese yen remains weak vs. its American counterpart at the end of the week, now lifting USD/JPY to challenge session tops near 120.40.

USD/JPY capped by 120.60

Spot has managed to come back from weekly troughs in the 119.20 region posted on Thursday following the hawkish tone by Fed’s Head Janet Yellen, who reiterated that a rate hike later in the year remains a solid possibility.

On the Japanese side, inflation figures tracked by the CPI excluding Fresh Food have contracted 0.1% on a year to August, down from July’s flat reading. The results have weakened the yen, as market participants could start to factor in the likeliness of further easing by the BoJ in order to achieve its inflation target.

USD/JPY levels to watch

As of writing the pair is advancing 0.22% at 120.35 with the next hurdle at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and finally 121.335 (high Sep.10). On the other hand, a breach of 120.01 (low Sep.25) would aim for 118.87 (low Sep.8) and then 118.58 (low Sep.4).

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