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USD/JPY unchanged after US CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/JPY wavered in the range of 116.50-116.80 immediately after the US data release before settling around 116.65 levels.

    Investors eye US stocks

    The investors now wait to see if the US stock markets extend the risk aversion or rebound. As of now, the S&P 500 futures indicate the index is likely to open 1.75% lower. The weak opening was priced-in earlier today as the pair fell to a one-year low of 115.97.

    So far, the weaker-than-expected housing starts data and a negative monthly CPI figure has not had any impact on the stock futures. Hence, the pair trades largely unaffected around 116.65 levels.

    USD/JPY Technical Levels

    The immediate support is seen at 116.51 (Jan 15 low), under which the pair could revisit the daily low of 115.97. On the other hand, a break above 117.00 could see the pair revisit the daily high of 117.68.
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