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USD/JPY uninspired by US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY continued to trade within its daily range, unable to pick up pace either side of the board regardless of the latest series of data which showed US consumer prices grew in line with expectations in October.

    US consumer price index grew a seasonally adjusted 0.2% in October, after two months of declines, while excluding the volatile food and energy categories, so-called core CPI rose also 0.2%. Year-over-year, headline CPI rose just 0.2% while the core index rose 1.9%. Overall, figures were mainly in line with expectations.

    USD/JPY edged a couple of pips higher but remained near pre-data levels, trading around 123.30, up 0.12% on the day.

    Main focus remains on FOMC meeting minutes while investors look for clear signs of a December lift-off.

    USD/JPY technical levels

    In terms of technical levels, immediate resistance levels are seen at 123.42 (Nov 17 high), 123.59 (Nov 9 high) followed by 124.56 (Aug 17 high). On the other hand, supports could be faced at 122.72 (10-day SMA), 122.21 (Nov 16 low) and 121.73 (20- and 100-day SMAs crossover).
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