USD/JPY recovers above 148.00 as yen weakens in Asian session
USD/JPY has climbed back above the 148.00 psychological level during Asian trading, gaining 0.3% (45 pips) from overnight lows of 147.55. The yen's weakness follows Japan's softer-than-expected wholesale inflation data released earlier, which showed producer prices rising at a slower pace, reducing pressure on the Bank of Japan for immediate policy tightening. The pair's recovery also reflects a modest dollar bounce after yesterday's post-CPI selloff. Technical indicators suggest the 148.00 level now acts as immediate support, with resistance emerging at 148.50 (50-day moving average). Asian equity markets show mixed performance, with the Nikkei up 0.2% while Chinese indices remain flat. Traders are monitoring cross-yen pairs, with EUR/JPY testing 162.30 and GBP/JPY approaching 189.00. Further yen direction depends on upcoming BoJ communications and global risk sentiment shifts.
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