USD/JPY recovery ends due to CPI

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY broke out of the triangle pattern and started a surge that was eventually approaching the 162.00 level. As the pair approached the 162.00 mark, the US CPI release caused a major drop of the US Dollar. On the USD/JPY charts, the event resulted in a decline to the 157.30/157.40 range that has turned into support. Afterwards, an attempted recovery failed and confirmed the 159.30/159.45 zone as resistance.

In the near term future, the pair could be pushed into the support range at 157.30/157.40 by the approaching 50-hour simple moving average. A move below the range is set to look for support in the 157.00 level.

Meanwhile, a recovery of the pair has to pass the 50-hour SMA and the weekly simple pivot point at 158.95 together with the 159.00 level, before the rate tests the 159.30/159.45 range.
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