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FxWirePro: USD/JPY Daily Outlook

USD/JPY chart - Trading View 

USD/JPY was trading 0.19% higher on the day at 113.92 at around 06:45 GMT, outlook is neutral.

The major hovers around 200H MA, decisive break above will see upside continuation.

Stiff resistance aligns at 114.30 (falling trendline), price action contained below from the past three weeks.

US inflation expectations jump to 15-year high after Federal Reserve (Fed) Chair Jerome Powell's speech on Friday.

Data Watch:

Time (GMT) Event Forecast

Previous

1255 US Redbook Index (YoY)      - 15.4%
1300 US Housing Price Index (MoM)(Aug)  1.3% 1.4%
1300 US S&P/Case-Shiller Home Price Indices (YoY)(Aug)  20.1% 19.9%
1400 US Richmond Fed Manufacturing Index(Oct)  3 -3
1400 US New Home Sales (MoM)(Sep)  0.755M 0.740M
1400 US CB Consumer Confidence(Oct)  108.3 109.3
1400 US New Home Sales Change (MoM) (Sep)      - 1.5%
2030 US API Weekly Crude Oil Stock - 3.294M

Major Support Levels: 

S1: 113.41 (Previous week's low)

S2: 112.97 (5-week DMA)

S3: 112.90 (21-EMA)

Major Resistance Levels: 

R1: 114 (200H MA)

R2: 114.30 (Trendline) 

R3: 114.69 (yearly high)

Summary: USD/JPY has resumed upside after a brief pause in the previous week. Retest of yearly highs at 114.69 likely. 
 

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