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11 Sep 2015
USD/JPY uninspired by US PPI
FXStreet (Córdoba) - USD/JPY completely ignored the latest string of US data and continued to trade around its mid-daily range.
US producer prices stood flat in August, the Labor Department said Friday, down from 0.2% in July but above the 0.1% drop expected. Year-over-year PPI fell 0.8%. Excluding food and energy items, the so-called core index rose 0.3% MoM and 0.9% YoY, beating expectations of 0.1% and 0.7% respectively.
The dollar however, was unaffected by data, with USD/JPY moving in a 10-pip range after the release. At time of writing, the pair is trading at 120.75, still 0.12% above its opening price.
Major pairs seem to be going through a transition phase as attention remains on Federal Reserve next week's meeting.
USD/JPY levels to watch
In terms of technical levels, next resistances are seen at 121.32 (Sep 10 high), 121.64 (Aug 31 high) and 122.00/01 (psychological level/Aug 24 high). On the flip side, supports could be found at 120.35 (Sep 11 low), 120.08 (10-day SMA) and 119.79 (Sep 9 low).
US producer prices stood flat in August, the Labor Department said Friday, down from 0.2% in July but above the 0.1% drop expected. Year-over-year PPI fell 0.8%. Excluding food and energy items, the so-called core index rose 0.3% MoM and 0.9% YoY, beating expectations of 0.1% and 0.7% respectively.
The dollar however, was unaffected by data, with USD/JPY moving in a 10-pip range after the release. At time of writing, the pair is trading at 120.75, still 0.12% above its opening price.
Major pairs seem to be going through a transition phase as attention remains on Federal Reserve next week's meeting.
USD/JPY levels to watch
In terms of technical levels, next resistances are seen at 121.32 (Sep 10 high), 121.64 (Aug 31 high) and 122.00/01 (psychological level/Aug 24 high). On the flip side, supports could be found at 120.35 (Sep 11 low), 120.08 (10-day SMA) and 119.79 (Sep 9 low).