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22 May 2015
USD/JPY recovers to 120.90
FXStreet (Mumbai) - The US dollar continues its slow and steady recovery ahead of the critical monthly inflation report in the US. The USD/JPY pair now trades at 120.90.
Eyes US CPI report
The investors await the CPI data in the US, which is expected to show the cost of living dropped 0.1% year-on-year in April, while month-on-month the pace of rise in cost is expected to have slowed down to 0.1%.
The pair recovered from the low of 120.62 after the BOJ kept key policy instruments unchanged earlier today, while slightly revising its economic assessment higher.
USD/JPY Technical Levels
The pair currently trades at 120.91. The immediate resistance is located at 121.00, above which gains could be extended to 121.46 (May. 20 high). On the other hand, a break below 120.73 (5-DMA) could drive the pair lower to 120.05 (10-DMA).
Eyes US CPI report
The investors await the CPI data in the US, which is expected to show the cost of living dropped 0.1% year-on-year in April, while month-on-month the pace of rise in cost is expected to have slowed down to 0.1%.
The pair recovered from the low of 120.62 after the BOJ kept key policy instruments unchanged earlier today, while slightly revising its economic assessment higher.
USD/JPY Technical Levels
The pair currently trades at 120.91. The immediate resistance is located at 121.00, above which gains could be extended to 121.46 (May. 20 high). On the other hand, a break below 120.73 (5-DMA) could drive the pair lower to 120.05 (10-DMA).