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17 Jul 2015
USD/JPY settles around 124.10 ahead of US CPI
FXStreet (Mumbai) - The USD/JPY pair is trading in the sideways manner around 124.10 ahead of the data in the US, which could show the cost of living edged higher in June.
Focus on US data
The inflation as measured by the Consumer Price Index is seen rising 0.1% year-on-year. The core inflation is seen rising 1.8% year-on-year. At the moment, the USD is trading resilient against the JPY despite having pared gains against the EUR and GBP.
Moreover, the Treasury yields are also trading sideways. Consequently, the pair has turned flat ahead of the data. An uptick in inflation as expected could push the yields higher and weaken the Yen.
USD/JPY Technical Level
The immediate support is seen at 124.00, under which the spot could target 123.68 (hourly 100-MA). On the other hand, a break above the resistance at 124.44 (June 17 high) could see the pair rise to 125.00.
Focus on US data
The inflation as measured by the Consumer Price Index is seen rising 0.1% year-on-year. The core inflation is seen rising 1.8% year-on-year. At the moment, the USD is trading resilient against the JPY despite having pared gains against the EUR and GBP.
Moreover, the Treasury yields are also trading sideways. Consequently, the pair has turned flat ahead of the data. An uptick in inflation as expected could push the yields higher and weaken the Yen.
USD/JPY Technical Level
The immediate support is seen at 124.00, under which the spot could target 123.68 (hourly 100-MA). On the other hand, a break above the resistance at 124.44 (June 17 high) could see the pair rise to 125.00.