USD/JPY extended losses below 118.00

FXStreet (San Francisco) - The US dollar is extending its decline from the area of 119.00 against the Japanese Yen and is now trading below 118.00 just after the good US CPI report.

The pair's initial reaction was shyly upwards to 118.40, however, the USD/JPY quickly turned south and fell to 117.80.

Currently, USD/JPY is trading at 117.93, down 0.07% on the day, having posted a daily high at 118.99 and low at 117.80. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.

USD/JPY levels

Below the 118.00, the USD/JPY will find next supports at 117.80, 117.55 and 117.40. To the upside, resistances are at 118.20, 118.70 and 119.00.