12 May 2020
USD/JPY New York Price Analysis: Greenback stable near 107.40 vs. Japanese yen after US inflation data
- USD/JPY is unfazed after the release of the US CPI which came in worst-than-expected.
- Support can be seen near the 107.00 price level.
USD/JPY daily chart
USD/JPY remains essentially directionless while trading below the main SMAs as the recent US inflation dated disappointed.
USD/JPY four-hour chart
USD/JPY is trading off the May highs just below the 200 SMA on the four-hour chart. Bulls want a continuation of the upward movement started a few days ago with an initial target of 108.20 followed by the 109.00 level. Conversely, sellers will be looking for a break below the 107.00 level and run towards the 106.30 level in the medium-term.
Additional key levels