November 22, OctaFX – The yen was little moved today after Japan released its CPI numbers. The national core CPI plateaued to 1.0% in October. The core CPI moved slightly higher to 0.2% while the national CPI rose by 1.4%.
US dollar Consolidates Against Japanese Yen
The US dollar is consolidating around the 113.00 area against the Japanese yen, after finding strong technical resistance from the 113.15 level.
If buyers fail to create a new higher price high the USDJPY pair may come under selling pressure, ending the recent corrective move higher. Buyers need to maintain the price above the 112.79 level to maintain bullish pressure on the USDJPY pair.
USDJPY Technical Outlook
- The USDJPY pair is only bullish while trading above the 112.79 level, key technical resistance is found at the 113.15 and 113.40 levels.
- If the USDJPY pair trades below the 112.79 level, sellers will likely test the 112.30 and 111.90 support levels.
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