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USD/JPY: watch 118.60/70 for a break

FXStreet (Guatemala) - USD/JPY is showing signs of a bearish breakout. The price has been offered below the cluster of MA's on the hourly chart and falling away from the 20 DMA further out.

There has been a series of selling taking place with a broadly weaker greenback, especially today on the back of the poor retail sales and PPI's in the US shift which equates to a Fed unlikely to move this month around.

USD/JPY offered ahead of key US CPI's

Asian markets are opening mixed today following a slow day on Wall Street with the Nikkei opening pairing losses but still down by -0.1% at time of writing, supporting the Yen. The day ahead will be busy again on the US docket, with US Sep headline CPI that is expected to slip back into the negative territory to -0.1% y/y. We also have regional Fed presidents showing up at various events, with Bullard, Dudley and Mester all scheduled to talk.

USD/JPY breakout levels

Technically, 118.70/60 is key support while further out on the wide, the range and other levels to monitor for a break-out come as 118.70/60 and JPY121.60 with the four-month level at 125.40 and the August 24, lows of 116.20.

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