OctaFX | OctaFX Forex Broker
Open trading account
Back

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).

EUR/JPY heavy, attacks Friday’s lows

The cross in the EUR/JPY faces double whammy and is heavily sold-off on Thursday, now miring near fresh four-day lows ahead of 135 handle.
Read more Previous

Poland Consumer Price Index (YoY) declined to -0.8% in September from previous -0.6%

Poland Consumer Price Index (YoY) declined to -0.8% in September from previous -0.6%
Read more Next
Start livechat