The UoM Sentiment Index slipped to 77.9, indicating a weakening in US consumer confidence. The US Dollar seems to consolidate weekly gains following hot inflation data. The Greenback will close a 1.60% winning week. Despite a drop in consumer confidence in the US, indicated by the University of Michigan's Consumer Sentiment Index the Greenback will close a winning week, on the back of hot inflation data reported on Wednesday and Thursday.
As for now, markets seem to have given up on the hopes of a June rate cut and if data validated those bets, the USD may see further upside. Next Monday, the US will release Retail Sales figures from March. USD/JPY technical analysis On the daily chart, the USD/JPY pair reveals a sustained trend in positive territory on the Relative Strength Index . Even with the slight decrease observed back below 70, the dominant trend is bullish and buyers just seem to be correcting overbought conditions.