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USD/JPY treading water near 148.60 as investors sniff out US inflation figures

USD/JPY heads into Wednesday trading after a relatively flat Tuesday near 148.60.
The US Dollar fell against the Yen to start the week after the Gaza conflict sparked risk aversion.
Markets are set to turn their eyes to US inflation figures due today and Thursday.

Joshua Gibson FXStreet

The US Dollar (USD) held mostly flat against the Japenese Yen (JPY) on Tuesday with a little bit of wiggle, and the USD/JPY pair is headed into the Wednesday market session trading near 148.60.

With little meaningful data slated for the economic calendar from Japan this week, it's all about US inflation numbers heading into the midweek.

US Producer Price Index (PPI) figures due Wednesday could see a dogpile into the US Dollar if the release sees a firm surprise to the upside. With markets easing back expectations of additional rate hikes from the Federal Reserve (Fed), a sudden uptick in inflationary figures would see US Treasury yields surge and the Greenback soar once more.

US PPI figures for the annualized period into September are forecast to print at 1.6%, down slightly from the previous period's 2.0%. Wednesday will also see the release of the Fed's latest meeting minutes, due later in the day at 18:00 GMT.

In an inflation follow-up to the PPI data drop, Thursday will be bringing high-impact US Consumer Price Index (CPI) numbers, where markets are hoping for a downtick in the annualized figure into September from 3.7% to 3.6%.

USD/JPY Technical Outlook

The long-term trend outlook for the USD/JPY is exceedingly bullish, with the Greenback trading well above the median against the Yen. The USD/JPY continues to soar high above the 200-day Simple Moving Average (SDMA), which is currently riding up into the 139.00 chart region, with technical support for the pair currently sitting near 147.00 from the 50-day SMA.

Traders will note that USD/JPY prices near the 150.00 major handle have historically been a place of interest for the Bank of Japan (BoJ) to threaten (or unexpectedly execute) FX market interventions to protect the Yen.

USD/JPY Daily Chart

USD/JPY Technical Levels

USD/JPY

Overview
Today last price	148.63
Today Daily Change	0.13
Today Daily Change %	0.09
Today daily open	148.5

Trends
Daily SMA20	148.51
Daily SMA50	146.65
Daily SMA100	143.84
Daily SMA200	138.53

Levels
Previous Daily High	149.33
Previous Daily Low	148.44
Previous Weekly High	150.16
Previous Weekly Low	147.32
Previous Monthly High	149.71
Previous Monthly Low	144.44
Daily Fibonacci 38.2%	148.78
Daily Fibonacci 61.8%	148.99
Daily Pivot Point S1	148.18
Daily Pivot Point S2	147.87
Daily Pivot Point S3	147.3
Daily Pivot Point R1	149.07
Daily Pivot Point R2	149.65
Daily Pivot Point R3	149.96

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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