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USD/JPY nears 118.00 ahead of US CPI report

FXStreet (Mumbai) - The relentless sell-off in the USD/JPY pair continues ahead of the data in the US which could show cost of living last month declined 0.1%.

USD/JPY hit low of 118.06

The pair hit a low of 118.06 before a brief recovery pushed the spot back to 118.15 levels. Moreover, the bid tone on the JPY remained intact despite the major European equities rallying more than 1%. The pair witnessed a bearish break on the technical charts after the US advance retail sales release on Wednesday.

The focus now shifts to the US inflation number. The impact on the USD/JPY pair could be amplified or tempered according to the reaction in the equity markets post the inflation release.

USD/JPY Technical Levels

The immediate support is seen at 118.00 levels, under which the spot could find support directly at the psychological level of 117.00. A break below the same would expose 116.08 (Aug 24 high). On the other side, a resistance is seen at 118.59 (Sep 4 low) followed by a major hurdle at 119.52 (triangle resistance).

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