24 Mar 2015
USD/JPY drops to lows post-US CPI
FXStreet (Edinburgh) - A bout of buying interest has lifted USD/JPY to the area of 119.70 following the release of the US CPI, although the bull run proved to be ephemeral.
USD/JPY on its way to 119.00?
The pair clinched the 119.70 area after consumer prices in the US economy surprised markets to the upside for the month of February, coming in flat vs. a forecasted contraction of 0.1%; on a monthly basis prices rose 0.2%. Core prices advanced at an annual pace of 1.7% vs. 1.6% expected and up from January’s1.6%.
Next on tap will be the US manufacturing PMI gauged by Markit and New Home Sales (470K exp.).
USD/JPY levels to consider
At the moment the pair is down 0.39% at 119.24 with the immediate support at 119.11 (low Feb.27) ahead of 119.00 (psychological level) and then 118.95 (50% of 115.85-122.04). On the upside, a break above 119.69 (hourly high Mar.24) would open the door to 119.87 (high Mar.24) and finally 120.17 (high Mar.23).
USD/JPY on its way to 119.00?
The pair clinched the 119.70 area after consumer prices in the US economy surprised markets to the upside for the month of February, coming in flat vs. a forecasted contraction of 0.1%; on a monthly basis prices rose 0.2%. Core prices advanced at an annual pace of 1.7% vs. 1.6% expected and up from January’s1.6%.
Next on tap will be the US manufacturing PMI gauged by Markit and New Home Sales (470K exp.).
USD/JPY levels to consider
At the moment the pair is down 0.39% at 119.24 with the immediate support at 119.11 (low Feb.27) ahead of 119.00 (psychological level) and then 118.95 (50% of 115.85-122.04). On the upside, a break above 119.69 (hourly high Mar.24) would open the door to 119.87 (high Mar.24) and finally 120.17 (high Mar.23).