USD/JPY: The US CPI will drive its direction

AAATrade Team AAATrade

USD/JPY

Looking at USDJPY’s chart, we can see that the FX pair is currently traded at around ¥132. Today if it holds the rate above the support level of around ¥131.50, then we could expect to test its resistance level at around ¥132.60.

Otherwise, it should further drop towards its next support level at around ¥130.70. However, the major factor that will drive the direction of the forex pair will be the US CPI which is scheduled to be announced at 15:30 (GMT+2).

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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