Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY gaining momentum for a move towards 149.00 level

• USD/JPY rose above 148.00 level  on Tuesday after data showed U.S. consumer price inflation was close to economists' expectations in June.

• US Core consumer prices rose 0.2% in June, bringing the annual increase to 2.9% — both below economists' forecasts of 0.3% monthly and 3.0% yearly gains..

• Headline inflation rose 0.3% in June as expected, but the annual rate came in at 2.7%, slightly above the forecasted 2.6% increase.

• Economists   had forecast the CPI would climb 0.3% and increase 2.6% on a year-over-year basis.

• Immediate resistance is located at 148.78(Higher BB), any close above will push the pair towards 150.44(61.8%fib).

• Support is seen at 147.54(50%fib) and break below could take the pair towards  146.17 (July 11th low).

Recommendation: Good to buy around 148.10, with stop loss of 147.50 and target price of 149.00
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.