USD/JPY wavers after US CPI

By FXstreet.com | July 22, 2014 AAA

FXStreet (Córdoba) - The USD/JPY spiked and scored a fresh daily high immediately after the release of US consumer inflation data, but came under pressure soon after.



US CPI rose by 0.3% in June and 2.1% YoY, meeting analysts’ estimates. However, core indexes rose by 0.1% MoM and 1.9% YoY missing the 0.2% and 2.0% expected.



The USD/JPY first moved up and peaked at 101.59 but lacked momentum and quickly turned lower. At time of writing, the pair is trading at 101.45, still 0.07% above its opening price but back below its-pre data level.



USD/JPY technical levels



In terms of technical levels, the USD/JPY could find immediate resistances at 101.60 (21-day SMA), 101.78 (Jul 16 high) and 101.93 (200-day SMA). On the flip side, supports are seen at 101.19 (Jul 21 low), 101.08/05 (Jul 18 & 10 lows) and 100.81(May 21 low).



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