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USD/JPY corrects lower near 122.60

FXStreet (Edinburgh) - The Japanese yen is appreciating vs. the US dollar on Thursday, taking USD/JPY to the area of 122.60.

USD/JPY focus on CPI

Choppy trade for the pair so far this week, while it continues to consolidate the rejection from recent tops in the 123.70 area. In the meantime, the area around the mid-122.00s keeps acting as a decent support ahead of tomorrow’s key releases in the Japanese docket.

In fact, inflation figures are due tomorrow ahead of the unemployment rate and Foreign Bond Investment results. Market consensus sees the National CPI Ex Food and Energy coming in at 0.8% on a year to October vs. 0.9% previous.

USD/JPY levels to consider

At the moment the pair is losing 0.10% at 122.60 and a breakdown of 122.20 (low Nov.16) would aim for 121.79 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the flip side, the next hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).

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