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16 Sep 2015
USD/JPY shoots to highs, focus on US CPI
FXStreet (Edinburgh) - The US dollar is gathering further steam vs. its Japanese peer on Wednesday, lifting USD/JPY to session lows beyond 120.60.
USD/JPY attention to US data
The pair has fully reverted the overnight decline to the vicinity of 120.10 today, regaining the 120.60 region and leaving at the same time the door open for a test of weekly tops around 120.80/85 posted on Monday.
The upbeat momentum in USD will be put to the test later in the session with the publication of the inflation figures in the US economy during August, expected to come a tad higher ahead of the key FOMC meeting due tomorrow.
The Japanese yen could be also facing renewed selling pressure after credit agency S&P has recently lowered the country’s long-term credit rating to A+.
USD/JPY levels to watch
As of writing the pair is up 0.11% at 120.56 and a break above 120.67 (high Sep.15) would target 120.85 (high Sep.14) en route to 121.33 (high Sep.10). On the flip side, the immediate support aligns at 119.40 (low Sep.15) ahead of 118.58 (low Sep.4) and finally 118.45 (low Aug.25).
USD/JPY attention to US data
The pair has fully reverted the overnight decline to the vicinity of 120.10 today, regaining the 120.60 region and leaving at the same time the door open for a test of weekly tops around 120.80/85 posted on Monday.
The upbeat momentum in USD will be put to the test later in the session with the publication of the inflation figures in the US economy during August, expected to come a tad higher ahead of the key FOMC meeting due tomorrow.
The Japanese yen could be also facing renewed selling pressure after credit agency S&P has recently lowered the country’s long-term credit rating to A+.
USD/JPY levels to watch
As of writing the pair is up 0.11% at 120.56 and a break above 120.67 (high Sep.15) would target 120.85 (high Sep.14) en route to 121.33 (high Sep.10). On the flip side, the immediate support aligns at 119.40 (low Sep.15) ahead of 118.58 (low Sep.4) and finally 118.45 (low Aug.25).