16 Jan 2014
USD/JPY drops after US data
FXstreet.com (Córdoba) - The dollar weakened broadly and fell to fresh lows against the yen after data showed US CPI rose modestly in December, while jobless claims edged lower last week.
Consumer prices rose 1.5% during 2013 in line with expectations but well below the 2.0% Fed's target. The USD/JPY cracked below the 104.50 zone and accelerated to a low of 104.27 in recent dealings. At time of writing, the USD/JPY is trading at the 104.35 zone, recording a 0.2% loss on the day.
USD/JPY technical levels
As for technical levels, the dollar-yen could find immediate supports at 104.27 (Jan 16 low), 104.08 (Jan 15 low) and 104.00 (100-hour SMA/psychological level). On the upside, resistances are now seen at 104.90 (Jan 16 high), 105.00 (psychological level) and 105.32 (Jan 10 high).
Consumer prices rose 1.5% during 2013 in line with expectations but well below the 2.0% Fed's target. The USD/JPY cracked below the 104.50 zone and accelerated to a low of 104.27 in recent dealings. At time of writing, the USD/JPY is trading at the 104.35 zone, recording a 0.2% loss on the day.
USD/JPY technical levels
As for technical levels, the dollar-yen could find immediate supports at 104.27 (Jan 16 low), 104.08 (Jan 15 low) and 104.00 (100-hour SMA/psychological level). On the upside, resistances are now seen at 104.90 (Jan 16 high), 105.00 (psychological level) and 105.32 (Jan 10 high).