Inflation data to determine USDJPY’s future?
“US dollar inches higher as the market awaits US inflation data to gauge Federal Reserve’s rate hike tendency in the long-term.”
Greenback remains well in bid, albeit trading cautiously while investors await the widely anticipated US inflation data. Looking ahead, market participants is expecting slight depreciation in inflation for last month, with reading of 0.2% and 0.5% for both CPI and Core CPI respectively. In addition, rising risk aversion from other regions such as UK and EU have provided additional bullish support for the greenback from the downside.
Quick recap on USDJPY
The pair remains tilted towards the upside, with the pair hitting new high as of current.
USDJPY Weekly Technical Analysis
From weekly perspective, bullish support from the downside is rather evident as the pair’s retracement is short-lived.
USDJPY Daily Technical Analysis
In terms of daily perspective, MACD begins to steer towards the upside, indicating bullish momentum ahead following a closure above nearest resistance.
ORDER: BUY STOP
STOP LOSS: 146.50
Target 1: 150.00
Target 2: 150.70
ZFX Analyst’s Comment
The pair has further bullish potential which can only be confirmed once the nearest resistance has been conquered.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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