USDJPY Daily Forecast Oct 11 2018

0
112

USDJPY: Bearish, Eyes Further Downside!

As long as 112.35 resistance holds on a daily closing basis, the USDJPY remains on the downside to the 111.75 levels, a halt is likely but a cut would open 111.05 levels, further down, support comes at the 110.60 levels.

On the upside, a clear break- daily closing – above 112.35 will bring limited gains below 112.85/113.38 levels before another fall, above 113.38 will reverse risk to the upside to the 114.54/114.88 levels.

Conclusion: The USDJPY continues to face downside threats below 113.38 levels.

Support:112.00, 111.75, 111.05, 110.60

Resistance: 112.35, 112.85, 113.38, 114.27

Key data/events which may affect USDJPY today:

  • U.S  Inflation Data

U.S data may bring a selling opportunity for USDJPY

The U.S will report on consumer price index for Sep today at 12:30 GMT. The indicator is expected to remain unchanged at 0.2% as the previous month. Any reading above 0.2% will support the USD while any reading below 0.2% will support the JPY against the USD.

Core CPI is expected to rise 0.2%, from 0.1% in the preceding month. Any reading above 0.2% will support the USD while any reading below 0.2% will support the JPY against the USD.

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