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Forex: USD/JPY falls to 102.17/19 after US CPI

FXstreet.com (Barcelona) - The USD/JPY rise was tempered earlier, capped at the 102.70 level (session high) Thursday. A short easing ensued shortly after that was subsequently halted at 102.45. However, following the release of a tranche of US economic data during the American session, the cross has plunged to 102.17/19, now in negative territory down -0.05%.

In the United States, the Consumer Price Index (YoY and MoM) came in at +1.1% in April (against expectations of +1.3%) and -0.4% in April (vs. projections of -0.2%) respectively. In addition, the Consumer Price Index ex Food & Energy (YoY) climbed +1.7% in April, relative to a consensus of +1.8%.

According to the Mataf.net analyst team, the USD/JPY will face calculated short-term resistance at 102.65, then 103.16, and finally 103.56. On the pullback, a movement below 101.74 will initiate supportive structures at 101.34 ahead of 100.83, notes the Mataf.net analyst team.

The USD/JPY is still stable above 102.15, which is positive and might push the pair to achieve more gains. Moreover, Linear Regression Indicators represents good support for the pair, as trading above 99.85 is positive while stability above 101.70 will also be considered positive today.” writes the ICN.com technical analyst team.

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