USD/JPY Eases from Highs Post-US CPI
The upside in the greenback has eased a tad vs. its Japanese peer today, taking USD/JPY to the 119.30 area following the key US CPI.
USD/JPY still bid ahead of Fedspeak, data
The pair is fading part of the earlier spike to the vicinity of 109.70
in spite of the upbeat tone from US inflation figures during April, with
CPI rising 0.4% MoM and 1.1% on a yearly basis.
US Building Permits have expanded less than expected 3.6% to 1.116M
during the same period, while Housing Starts have surprised to the
upside, expanding 6.6% to 1.172M.
Later in the NA session, Industrial Production and Capacity Utilization
are due followed by speeches by FOMC’s Lockhart, Williams and Kaplan.
USD/JPY levels to watch
As of writing the pair is advancing 0.16% at 109.19 facing the immediate
resistance at 109.65 (high May 12) followed by 110.57 (55-day sma) and
finally 111.92 (high Apr.28). On the flip side, a breach of 105.52 (2016
low May 3) would open the door to 105.18 (monthly low Oct.2014) and
then 101.97 (monthly low Aug.7 2014).
