USDJPY LIKELY TO BREAK RANGE AFTER U.S CPI DATA
The U.S dollar continues to consolidate around the 107.00 handle against the Japanese yen, as traders await key CPI inflation data from the United States economy. The USDJPY pair retains its intraday bullish bias while trading above the 106.77 level, with traders now looking for a definitive range-break this afternoon. A better than expected U.S CPI number will likely cause the U.S dollar to firm, as traders price-in more rate hikes from the Federal Reserve.
The USDJPY pair retains its intraday bullish bias while trading above the 106.77 level, key resistance is found at the 107.66 and 108.10 levels.
If the USDJPY pair moves below the 106.77 level, sellers will likely attempt to test the 106.50 and 106.30 support levels.