USD/JPY analysis: bearish momentum accelerates ahead of Japan's CPI
|USD/JPY Current price: 111.11
The USD/JPY pair advanced up to 111.70 mid US session, but reverse course suddenly after failing to clear a strong Fibonacci resistance, and as Wall Street plunged. There was no clear catalyst behind the late decline, but clearly, mixed US data released at the beginning of the session was not enough to fuel a rally in the pair. During the upcoming Asian session, Japan will release its June National CPI figures and Tokyo July CPI ones, forecasted to remain depressed and near its recent lows. The pair is ending the day a handful of pips above a daily of 110.77. and poised to extend its decline, given that in the 4 hours chart, technical indicators have turned sharply lower, having entered negative territory, whilst the intraday advance stalled short of its 100 and 200 SMAs, with the shortest gaining downward slope above the largest, in line with a bearish continuation for this Friday.
Support levels: 110.90 110.60 110.25
Resistance levels: 111.60 112.00 112.45
View Live Chart for the USD/JPY
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.