FXWIREPRO: USD/JPY Hits Fresh Weekly High, Intraday Bias Remains Bullish

FXWIREPRO: USD/JPY Hits Fresh Weekly High, Intraday Bias Remains Bullish

• USD/JPY is currently trading around 113.17 levels. 
• It made intraday high at 113.29 and low at 112.74 marks. 
• Today Japan released Tokyo Core CPI data with negative numbers at -0.3% m/m vs -0.1% previous release. 
• In addition, National Core CPI data remains unchanged at 0.0% m/m vs 0.1% expected. 
• On the top side major resistance falls at 113.92 and pair is likely to consolidate below that level. 
• A daily close above 113.92 will take the parity towards 114.87/115.96 marks. 
• On the other side, initial support level is seen at 112.60 levels. A daily close below key support level will drag the parity towards 110.66/108.75/107.51 marks thereafter.
  

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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