Japanese inflation on the upside

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By :  ,  Financial Analyst

Japanese inflation on the upside

This morning, Japanese official data showed that Japan's national CPI was at +0.3%, much higher than +0.1% expected. On its side, core CPI was flat on year in July (vs +0.1% expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.15 as the nearest support would be set at July 31 bottom at 104.15 and a second one would be set at horizontal support at 102.40 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex JPY

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