OctaFX | OctaFX Forex Broker
Open trading account

USD/JPY extends gains above 109.00

FXStreet (Edinburgh) - The greenback is now resuming its upside vs. the Japanese currency, pushing USD/JPY beyond the 109.00 handle and challenging session highs at the same time.

USD/JPY higher post data, looks to US

The JPY lost further momentum after the inflation figures in the Japanese economy showed results in general in line with market expectations, with the critical National CPI ex-Fresh Food advancing at an annual rate of 3.1%, pointing to some stabilization in the inflation. Ahead in the day, the US GDP annualized is due ahead of the Reuters/Michigan index, being the potential drivers for the pair’s price action throughout the rest of the session. “August CPI numbers were flat to softer than prior expectations and any resultant and heightened expectations for further BOJ initiatives may keep the JPY structurally vulnerable. In the near term however, potential risk aversion may serve to underpin the JPY within a 108.00-109.00 corridor”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.

USD/JPY levels to consider

As of writing the pair is up 0.33% at 109.11 and a breakout of 109.37 (high Sep.25) would expose 109.46 (2014 high Sep.18) and finally 109.57 (high Aug.29 2008). On the flip side, the initial support lines up at 108.47 (low Sep.26) ahead of 108.46 (low Sep.24) and then 108.25 (low Sep.23).

India FX Reserves, USD fell from previous $315.7B to $315.6B

Read more Previous

Gold turns lower but remains on track for weekly gains

Gold pulled back on Friday but remained on track for a small weekly gain after 3 weeks of losses.
Read more Next
Start livechat