Outlook in USDJPY has turned neutral with risk to the upside at the moment , support comes at the 108.51 levels , a failure to hold below the 108.51 levels on a daily closing basis could mean a return to the 109.45 levels , a break will resume the whole rise towards the 110.65 levels, where a breach will turn focus on the 112.30 levels…
On the downside, support comes at the 108.51 levels, losing this level on a daily closing basis will turn outlook neutral and bring corrective pullback towards the 106.08 levels before the next rise, however, a clear break below the 106.00 levels will turn outlook bearish and bring more losses towards 103.85 levels.
In all, as long as support 108.51 holds on a daily closing basis, the outlook in USDJPY remains on the upside towards the 109.45 levels ahead of the 110.65 levels, a clear break below the 108.51 levels will bring corrective pullback towards the 106.00 levels before the next possible rise…
Fundamental view :
(JPY) National Core CPI (YoY): The National Core Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers, excluding fresh food.
Why do traders care? : It’s the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan, rising consumer prices may prompt the Bank of Japan to raise interest rates in order to manage inflation and slow economic growth, higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen…
It will be released today within a few hours, Thursday, Sept 25, 2014, at 23:30 GMT. Expectations: 3.2%
1- Between 3.1 % – 3.3 %, will bring sideways move for the USDJPY
2- Above 3.5 %, will bring bearish move for the USDJPY.
3- Below 2.9 %, will bring bullish move for the USDJPY.
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