FxWirePro: Yen loses steam as risk-off eases post China CPI, USD/JPY edges higher

• China's CPI rose 2.0% year-on-year in August, the fastest pace in a year, beating market forecasts for a 1.9% rise
  
  
• Upbeat data restored confidence among markets that Chinese government's efforts to boost the economy are finally paying-off, cooling risk-aversion
  
  
• Easing risk-off moods now lifting USD/JPY to fresh session highs near 120.50 levels after the pair fell to as low as 119.98 in early trades
  
  
• Later today, the major will likely be influenced by U.S. weekly jobless claims, focus shall also be on European and US equities for further momentum
  
  
• USD/JPY is currently trading at 120.39, with next resistance at 120.67 (Tenkan Sen) and support at 120.23 (Daily High Sep 8) 

Resistance Levels:

R1: 120.67 (Tenkan Sen) 

R2: 121.74 (Daily High Aug 31)

R3: 121.76 (Daily High Aug 28)

Support Levels:

S1: 120.23 (Daily High Sep 8)

S2: 120.21 (38.2% of 118.60-121.20)

S3: 120.13 (200-HMA)