• USD/JPY rose to two week high on Wednesday as greenback gained traction ahead of a highly anticipated reading of U.S. inflation.
• U.S. Consumer Price Index (CPI) is expected to have increased by 0.3% in November. This data could influence expectations for the Fed's 2025 policy.
• Economists expect both headline and core consumer prices to have risen 0.3% in November from previous increases of 0.2% and 0.3%, respectively.
• On the data front, Japan’s corporate goods price index (CGPI) rose 3.7% year-on-year last month, beating the 3.4% forecast and marking the fastest annual increase since July 2023.
• Immediate resistance is located at 152.71 (38.2%fib), any close above will push the pair towards 153.66 (23.6%fib).
• Support is seen at 151.88 (50%fib) and break below could take the pair towards 151.06(61.8%fib).
Recommendation: Good to buy around 152.30, with stop loss of 151.50 and target price of 153.00
