USD/JPY fell to a 7-week low Near Psychological level 105.00

USD/JPY fell to a 7-week low during the European session with the bears now waiting for some selling below the psychological level of 105.00.

The pair had witnessed some heavy selling for the third consecutive session on Wednesday, amid the selling bias around the US dollar. Although the Federal Reserve showed its willingness to withstand inflation above the target for some time, expectations indicate that it will maintain the easing policy.

The market is now awaiting the US monthly retail sales data on Wednesday for some short-term trading opportunities. The data may go unnoticed if meets expectations and the next one will be the Federal Reserve’s decision.