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USD/JPY looks through US CPI data, awaits Fed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A mixed US CPI report released in the US failed to trigger a major move in the FX markets, leaving the USD/JPY pair largely unchanged around 113.70 levels.

    Eyes Fed rate decision

    The American dollar remains bid after the data released just now showed core CPI rose more than forecast for the second month. The pair thus hit a high of 113.79 before quickly falling back to 113.70 levels.

    Moreover, the headline figure printed in negative territory and that could have capped gains. Investors now await Fed rate decision.

    USD/JPY Technical Levels

    The immediate support is seen at 113.50 (hourly 100-MA), under which losses could be extended to 113.38 (hourly 200-MA). A violation there would expose support at 113.00 (psychological level). On the other hand, a breach of immediate hurdle at 114.00 (Monday’s high) would expose resistance at 114.48 (23.6% of 125.86-110.97) and 115.51 (50-DMA).

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