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FxWirePro:USD/JPY firm ahead of Powell's speech and US CPI report

 • USD/JPY firmed   on Tuesday  as market awaited testimony from Federal Reserve Chair Jerome Powell later in the day and inflation data on Wednesday.

• The focus   shifts to Wednesday’s   US CPI report, with core inflation expected to dip, which would be welcomed by markets.

 • A lower-than-expected CPI report could lead to the US dollar losing ground across the board, while a higher-than-expected reading might strengthen the greenback for the remainder of the week.

• At GMT 12:07, the pair was trading up 0.24 % at 152.26 . 

• Immediate resistance is located at 152.48 (38.2%fib), any close above will push the pair towards 154.26(23.6%fib).

•  Support is seen at 151.07(50%fib) and break below could take the pair towards 149.69 (61.8%fib)

Recommendation: Good to buy around 152.00, with stop loss of 151.20 and target price of 152.80

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