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USD/JPY holding above key bid line 100.70 ahead of Tokyo CPI

FXstreet.com (Barcelona) - USD/JPY is last at 100.91, near session highs, off NY session lows at 100.57, printed on the back of broad USD weakness. Volatility is highly likely to increase in less than 1 hour time till the Tokyo open, as Nikkei index closed yesterday down -5.25% and Japan CPI data is due.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “the hourly chart shows an increasing bearish potential, as moving averages turn south above current price, while indicators hold in negative territory and price pressures towards daily low,” the analyst says, adding: “With Friday being the last day of the month, profit taking could lead to a break lower, still eyeing 99.70 area, former highs and 61.8% retracement of this month run,” she concludes.

Valeria finds support levels at: 100.45, 100.10 and 99.70, while resistance levels at: 101.00, 101.25 and 101.60.

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