USD/JPY reacts to US CPI

Source: Dukascopy Bank SA


The lower than expected overall US inflation data was taken in by the markets as a signal that the US Federal Reserve would not continue to hike interest rates. The news caused a drop of the US Dollar. Due to the news, the rate declined to the support of the 133.00 level and the 100-hour simple moving average. Meanwhile, it was spotted on Thursday that the 55-hour simple moving average was acting as resistance.

A move below the 133.00 level and the 100-hour SMA could look for support in the 132.50 mark and the 200-hour simple moving average. Further below, take into account the weekly simple pivot point at 132.17 and the 132.00 level.

On the other hand, a move above 133.50 and the 55-hour SMA might be slowed down by the weekly R1 simple pivot point at 133.72. Above the pivot point, the 133.85/134.05 range is most likely going to act as resistance.
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Thu, 13 Apr 2023 10:56:18 GMT

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