USD/JPY: range trading persists, US inflation data awaited
|USD/JPY Current price: 112.43
The USD/JPY pair trades marginally lower daily basis, still confined to a tight intraday range, yet at the lower end of the weekly one, on broad dollar's weakness and as Japanese data released overnight came in-line with market's expectations. The Corporate Goods Price Index rose by 0.3% on the month in September, posting also an annualized gain of 3%, both of which matched median analyst forecasts, and slightly better than August numbers. US data just released helped the greenback only modestly, as investors wait for key speeches from ECB's Draghi and a couple of Fed's officers, included Jerome Powel, one of Trump's candidates to replace Yellen next February. In the meantime, the pair has little to offer from a technical perspective, still neutral according to the 4 hours chart, in where technical indicators have been hovering around their mi-lines pretty much since the week started, whilst the price holds right below its 100 SMA. The pair however, is holding above the 112.00 level, the 23.6% retracement of its latest bullish run, and the immediate support. Seems unlikely the pair can break below it this Thursday, as the dollar is somehow stronger, while key US data will be released on Friday. Still, a break below the mentioned Fibonacci support should lead to a steeper slide, with room for a test of 111.20 later on the day.
Support levels: 112.00 111.60 111.20
Resistance levels: 112.65 113.00 113.45
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.