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USD/JPY hits daily highs after US CPI

FXStreet (Córdoba) - USD/JPY inched higher and hit fresh daily highs after data showed US CPI rose mores-than-expected in September.

US consumer price index rose 0.1% last month following a 0.2% decline printed in August and a flat reading expected. The core CPI, which excludes volatile food and energy costs, also rose 0.1%. Meanwhile, year-over-year consumer prices grew 1.7%, matching the previous month and beating the 1.6% of consensus.

The Federal Reserve has a 2% target for consumer inflation and is closely monitoring inflation measures as they plan the next steps for monetary policy.

USD/JPY jumped to a high of 107.19 after data, and it is currently trading at the 107.05 zone, little changed on the day.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next resistances at 107.19 (intraday high), 107.38 (Oct 20 high) and 107.49 (Oct 15 high). On the other hand, supports are seen at 106.24 (Oct 21 low), 106.12 (Oct 17 low) and 106.00 (psychological level).

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