Forex: USD/JPY hits 90.70 on soft Japan CPI
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY, after making fresh cycle highs through late NY trading, is currently extending its bullish bias towards 90.70, with longs emboldened by another soft Japan CPI.
As the FXstreet.com fundamental team notes: "Japanese deflation continues, with the Jan preliminary core CPI -0.5%yoy in Tokyo, while Japan Dec core stood at -0.2% yoy. The rest of indicators remained depressed, with the overall Japan CPI -0.1% on year. The data vindicates need for stronger easing policies if they want to stimulate prices, which implies room for a lower Yen."
As Valeria Bednarik, chief analyst at FXstreet.com, observes: "The pair usually dismisses overbought/sold readings when a trend is in place, like now. Main target is the 92.50 price zone."
As the FXstreet.com fundamental team notes: "Japanese deflation continues, with the Jan preliminary core CPI -0.5%yoy in Tokyo, while Japan Dec core stood at -0.2% yoy. The rest of indicators remained depressed, with the overall Japan CPI -0.1% on year. The data vindicates need for stronger easing policies if they want to stimulate prices, which implies room for a lower Yen."
As Valeria Bednarik, chief analyst at FXstreet.com, observes: "The pair usually dismisses overbought/sold readings when a trend is in place, like now. Main target is the 92.50 price zone."
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