• 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
