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Forex

USDJPY Bullish Above 112.79

USDJPY Bullish Above 112.79

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.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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