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U.S. Inflation Chatter Sends USD/JPY Towards Near-Term Resistance

JPY

USD/JPY staged an impressive rally Wednesday, as the greenback went offered across the board. U.S. CPI topped expectations, fuelling concerns about the impact of rising price pressures, even as Fed officials saw the spike in inflation as transitory. The upswing was stopped by resistance from May 3 high of Y109.70.

  • The rate trades flat at Y109.68 as we type, amid little in the way of local news flow. A break above May 3/12 highs of Y109.70/71 would allow bulls to take aim at Apr 9 high of Y109.96, followed by Apr 6 high of Y110.55. Conversely, a fall through May 7 low of Y108.34 would open up Apr 27 low of Y108.08.
  • Japan's BoP current account balance is due shortly, with Eco Watchers Survey coming up later in the day.
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