FxWirePro: USD/JPY maintains bullish bias with focus on 105.00 levels
USD/JPY rose on Tuesday as dollar rallied across the board after U.S. consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged,reinforcing expectations that Federal…
USD/JPY rose on Tuesday as dollar rallied across the board after U.S. consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged,reinforcing expectations that Federal Reserve was on track to raise interest rates in December.
Consumer Price Index increased 0.3 percent last month after rising 0.2 percent in August. In the 12 months through September, the CPI accelerated 1.5 percent, the biggest year-on-year increase since October 2014. The CPI rose 1.1 percent in the year to August.
Further downside is expected to be limited as the pair finds strong support at 102.55 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 105.00, a break above this level would take the pair towards next resistance level at 105.66.
To the downside immediate support can be seen at 103.70, a break below this level will open the door towards next level at 103.10.
