• USD/JPY rose above 155.00 level on Wednesday after data showed U.S. consumer prices increased as expected in October.
• The consumer price index increased by 0.2% for the fourth consecutive month, according to the Bureau of Labor Statistics. The increase was consistent with economists' estimates.
•U.S. central bank is expected to cut interest rates again in December, economists see the scope for more cuts next year as limited.
• According to CME Group's FedWatch Tool, the chance of a 25 basis point rate cut at the Fed's Dec. 17-18 policy meeting increased from 58.7% before the data was published to around 79.3%.
• Immediate resistance is located at 154.28 (23.6%fib), any close above will push the pair towards 155.02(Higher BB).
• Support is seen at 152.56(Nov 11th low) and break below could take the pair towards 151.56(38.2%fib)
Recommendation: Good to buy around 154.90 with stop loss of 154.00 and target price of 155.80
