USD/JPY reacts to US CPI

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


On Wednesday, the United States Labour Statistics Bureau released the monthly US Consumer Price Index and Core Consumer Price Index data for April. The markets expected the data for clues in regards to the effectiveness of the first US Federal Reserve Rate hike done on March 15.

At 12:30 GMT, the CPI and Core CPI came in at 0.3% and 0.6% instead of market forecast 0.2% and 0.4%. The event caused a surge of the US Dollar and drop of all assets traded against it, as it revealed the current Fed policy had failed to decrease inflation.

On the USD/JPY charts by 13:30 GMT, the event had resulted in a sharp breaking of the 130.50 level's resistance and a subsequent bounce off from 130.80.

If the pair would decline, it could look for support in the 129.80/129.90 zone, before approaching the 129.50 mark and the weekly S1 simple pivot at 129.15. Meanwhile, take into account that the support zone was passed before the CPI release.

On the hand, the US Dollar might surge against the Yen and approach the 131.00/131.33 zone and the weekly R1 simple pivot point at 131.33.
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